Following mounting pressure from regulators in the UK and EU, Adobe and Figma announced on Monday that both companies are mutually terminating their merger agreement, which would have seen Adobe acquire the Figma product design platform for $20 billion.
Regulators worried that Adobe would harm innovation that could have occurred should Figma be allowed to flourish independently.
The authority wanted Adobe to make a significant divestment of assets, source code, and engineers to “restore the conditions of competition.”
More to it in the article, but damn they really hyped it up and had me a bit excited for it. Curious to see what comes next from these two companies.