Adobe’s $20 Billion Acquisition of Figma Reportedly on EU Antitrust Body Radar

EU regulators have earlier said that Adobe would need to secure antitrust approval for the Figma deal.

Adobe’s $20 Billion Acquisition of Figma Reportedly on EU Antitrust Body Radar

Photo Credit: Reuters

Adobe is in the preliminary phase of the regulatory process

Highlights
  • UK competition watchdog said that they will probe the Adobe-Figma deal
  • US Justice Department is preparing an antitrust lawsuit to block the deal
  • Global regulators are worried about big techs throttling competition
Advertisement

European antitrust regulators are preparing to launch a formal investigation into software giant Adobe's $20 billion (roughly Rs. 1,64,200 crore) buyout deal for cloud-based designer platform Figma later this year, the Financial Times reported on Tuesday.

EU authorities plan to push forward with a detailed investigation, over anti-competition concerns, which could take many months and may ultimately derail the deal altogether, FT said, citing people with knowledge of the move.

These moves underline global regulators' worries that large tech firms acquiring smaller innovative rivals could throttle competition.

Adobe is in the preliminary phase of the regulatory process and having constructive discussions with British, EU, and U.S. regulators about the deal while Figma looks forward to continued conversations with regulators, the companies said in separate emailed statements to Reuters.

The report comes after Britain's competition watchdog said last month that it was looking into the Adobe-Figma deal, while Bloomberg reported in February that the U.S. Justice Department was preparing an antitrust lawsuit to block the deal.

EU regulators have earlier said that Adobe would need to secure antitrust approval for the Figma deal even though the deal falls short of the bloc's turnover threshold for a review.

© Thomson Reuters 2023
 


What are the most exciting titles that gamers can look forward to in 2023? We discuss some of our favourites on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For details of the latest launches and news from Samsung, Xiaomi, Realme, OnePlus, Oppo and other companies at the Mobile World Congress in Barcelona, visit our MWC 2024 hub.

Meta Voicebox Unveiled as New Text-to-Speech Generative AI Model: All Details
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »