Adobe’s proposed $20bn merger with Figma would harm competition in product design software by uniting two of the main companies in the sector, the UK’s antitrust regulator has said in the latest challenge to the deal.
The acquisition in its current form would also threaten competition in image editing and illustration, said the Competition and Markets Authority in a statement on Tuesday.
The deal, which was announced in September 2022, values Figma at roughly 50 times its annual recurring revenue, and double its last private funding round in 2021. The huge price that Adobe is willing to pay for San Francisco-based Figma has been seen by critics of the deal as an effort to quash its most promising new rival in decades.
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