Over a year after announcing the initial deal, Adobe and Figma are scrapping their merger. ⁠ ⁠ In light of UK regulators warning that the $20 billion merger would harm innovation and eliminate competition between major companies in the product-design software space, the two have decided to call off the deal.⁠ ⁠ Releasing a joint statement this morning, the companies said, "Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently...there is no clear path to receive necessary regulatory approval from the European Commission and the UK Competition and Markets Authority." ⁠ ⁠ Adobe will pay Figma a $1 billion fee as a result of the breakup.⁠ ⁠ #adobe #figma #photoshop #business #businessnews #technews