(Reuters) -Adobe on Monday shelved its $20 billion cash-and-stock deal for cloud-based designer platform Figma, pointing to “no clear path” for approvals from antitrust regulators in the European Union and the UK.
Britain’s competition watchdog earlier said on Monday that Adobe would not propose remedies to resolve regulatory concerns regarding the buyout.
“Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently,” Adobe CEO Shantanu Narayen said in a statement.
Adobe, which struck the deal in September last year, has forecast its annual and quarterly revenue below estimates as tightened client spending remains a drag on its business.
(Reporting by Akash Sriram and Chavi Mehta in Bengaluru; Editing by Sriraj Kalluvila)
