DOJ Preps Antitrust Suit To Block Adobe’s $20 Billion Figma Deal
The Justice Department is preparing an antitrust lawsuit seeking to block Adobe’s $20 billion acquisition of startup Figma, Bloomberg News reported, citing people familiar with the matter. From the report: A case is expected to be filed as soon as next month, although the timing could slip, said one of the people, all of whom asked for anonymity to discuss the confidential probe. The deal needs approval from several antitrust authorities and the merger agreement allows for a possible extended regulatory review with an outside completion deadline of March 2024. Adobe had a meeting with the DOJ yesterday, according to another person.
The deal also faces an antitrust review in the European Union after the bloc’s antitrust watchdog said it had received requests from national regulators to look into the deal. The UK Competition and Markets Authority is reviewing the merger as well, and the three jurisdictions often coordinate on their investigations. The antitrust division, which has taken a more aggressive approach to mergers under President Joe Biden, is concerned the deal — one of the largest takeovers of a private software maker — would reduce options for design software used by creative professionals.
Read more of this story at Slashdot.
The Justice Department is preparing an antitrust lawsuit seeking to block Adobe’s $20 billion acquisition of startup Figma, Bloomberg News reported, citing people familiar with the matter. From the report: A case is expected to be filed as soon as next month, although the timing could slip, said one of the people, all of whom asked for anonymity to discuss the confidential probe. The deal needs approval from several antitrust authorities and the merger agreement allows for a possible extended regulatory review with an outside completion deadline of March 2024. Adobe had a meeting with the DOJ yesterday, according to another person.
The deal also faces an antitrust review in the European Union after the bloc’s antitrust watchdog said it had received requests from national regulators to look into the deal. The UK Competition and Markets Authority is reviewing the merger as well, and the three jurisdictions often coordinate on their investigations. The antitrust division, which has taken a more aggressive approach to mergers under President Joe Biden, is concerned the deal — one of the largest takeovers of a private software maker — would reduce options for design software used by creative professionals.
Read more of this story at Slashdot.