Figma reviewing EU’s objections against $20 billion Adobe buyout bid By Reuters

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<span>© Reuters. Adobe logo is displayed on a smartphone screen in front of a stock graph in this illustration taken, June 13, 2022. REUTERS/Dado Ruvic/Illustration</span><br />
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<p>(Reuters) -Figma said on Friday it was carefully reviewing the EU competition watchdog&#8217;s statement of objections related to Photoshop maker Adobe (NASDAQ:)&#8217;s proposed $20 billion bid to buy out the cloud-based designer platform.</p>
<p>The EU agency had in August opened a full-scale investigation into Adobe&#8217;s proposal to buy Figma, saying that it could reduce competition in global markets for interactive product design tools and shut out rivals.</p>
<p>Adobe&#8217;s proposition comes amid heightened regulatory scrutiny around the world on Big Tech acquisitions which boost dominant companies&#8217; market power or those involving start-ups seen as nascent rivals.</p>
<p>The European Commission said in a statement on Friday that it has informed Adobe of its preliminary view and has conducted a wide-ranging investigation to understand the potential impact of the deal.</p>
<p>The transaction could create a dominant player of interactive product design tools by combining Figma, a clear market leader, and one of its largest competitors Adobe, the commission said.</p>
<p>San Francisco-based Figma&#8217;s web-based collaborative platform for designs and brainstorming is used by tech companies such as <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Zoom Video Communications </span></span> (NASDAQ:), Airbnb and Coinbase (NASDAQ:)</p>
<p>Figma said it would continue to engage in constructive conversations focused on the benefits of its deal with Adobe. </p>
<p>Adobe&#8217;s chief counsel Dana Rao told Reuters on Wednesday that the company is open to proposing remedies to resolve regulatory concerns.</p>
<p>Britain&#8217;s competition regulator is also conducting an in-depth probe into the deal.</p>
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<br /><a href="https://www.investing.com/news/stock-market-news/adobe-reviewing-eus-statement-of-objections-for-figma-deal-3238147">Source link </a></p><p>The post <a href="https://forextraderhub.com/figma-reviewing-eus-objections-against-20-billion-adobe-buyout-bid-by-reuters.html">Figma reviewing EU’s objections against $20 billion Adobe buyout bid By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>