Adobe's Deal to Buy Figma Faces EU Objections Over Competition Concerns--Update
20 November 2023 - 9:46AM
Dow Jones News
By Giulia Petroni
The European Union's competition watchdog issued a statement of
objections against Adobe's proposed $20 billion acquisition of
Figma, saying the deal could reduce fair competition in the market
of interactive product design and other creative design
software.
The European Commission, the EU's executive body, said late on
Friday that the acquisition could significantly imperil competition
for the supply of interactive product design tools and of vector
and raster editing tools.
"Adobe now has the opportunity to reply to the Commission's
statement of objections, to consult the Commission's case file and
to request an oral hearing," according to the authority.
An in-depth investigation to assess Adobe's proposed acquisition
of the collaborative-design platform was opened in August. The
U.K.'s Competition and Markets Authority is also conducting an
in-depth probe into the deal.
Figma said it is carefully reviewing the Commission's statement
of objections. "We feel confident in our ability to resolve
regulators' concerns and will continue to engage in constructive
conversations focused on the benefits this deal will create for
consumers and Europe's innovation economy," a spokesperson for the
company said.
Adobe wasn't immediately available for comment when contacted by
Dow Jones Newswires.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
November 20, 2023 03:31 ET (08:31 GMT)
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