(Reuters) -Adobe and cloud-based designer platform Figma have agreed to terminate their $20 billion merger announced in September last year, the Photoshop maker said on Monday.
The termination is based on a joint assessment that there is “no clear path” to receive necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority, the companies said.
Britain’s competition watchdog earlier said on Monday that Adobe would not propose remedies to resolve regulatory concerns regarding the buyout.
(Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.