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UK extends deadline for an in-depth probe into Adobe’s $20 billion deal for Figma

Figurines are seen in front of displayed Adobe logo in this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Figurines are seen in front of displayed Adobe logo in this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The deadline for finishing the in-depth investigation of Photoshop owner Adobe Inc.’s ($20 billion) acquisition of cloud-based design platform Figma was extended by eight weeks on Wednesday by the British Competition Commission and now ends in February 2024.

After Adobe stated that it would not make any concessions to ease the regulator’s concerns, the Competition and Markets Authority (CMA) announced in July that it would begin a thorough, or phase two, examination of the merger.

The deadline for the CMA to wrap up its inquiry has been extended from December 27 to February 25. A committee of impartial specialists has been chosen to lead the investigation.

According to the CMA, the companies have presented several thorough arguments concerning their worries over competition in product development amongst the enterprises, their growth objectives, and the potential impact on their capacity to enter new markets.

The largest purchase of a privately held software business, Adobe, announced a cash-and-stock transaction for Figma in September 2022.

Many Internet businesses, such as Zoom Video Communications (ZM.O.), Airbnb Inc (ABNB.O), and Coinbase (COIN.O), use Figma’s web-based collaborative platform for design and creativity.

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