Adobe, Figma Mutually Agree To Terminate Merger

(RTTNews) - Software major Adobe Inc. (ADBE), Monday announced that it has mutually agreed to terminate its previous merger agreement with Figma, a design platform,

The companies agreed to terminate the merger as they believe that they would not be able to receive the necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority according to a joint assessment.

The companies have signed a termination agreement that resolves all outstanding matters including the termination fee that Adobe will pay to Figma as previously agreed.

In a previous announcement on September 15, Adobe had planned to acquire Figma in a mix of cash and stock consideration.

"Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently," said Shantanu Narayen CEO, Adobe.

In pre-market activity, Adobe shares are trading at $595, up 1.77% on the Nasdaq.