%Adobe (Nasdaq: ADBE) has terminated its $20 billion U.S. acquisition of privately held cloud-based design platform Figma due to regulatory hurdles.
In a statement, Adobe said that it does not see a clear path for approvals from antitrust regulators in the European Union (EU) and United Kingdom (U.K.).
England’s competition authority said in recent days that it has concerns regarding the takeover of Figma and that Adobe was unwilling to address those concerns.
“Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently,” said Adobe in a written statement.
Software company Adobe (Nasdaq: $ADBE) originally launched its $20 billion U.S. takeover offer for Figma in September 2022.
Earlier in December, Adobe announced quarterly financial results that beat Wall Street forecasts.
The stock of Adobe has gained 74% in 2023 and currently trades at $584.68 U.S. per share.