Adobe drops $20bn takeover of Figma after EU and UK regulator concerns

Adobe has abandoned its $20bn (£15.8bn) The Photoshop owner, which dominates the market with products including Illustrator and Acrobat Reader, said the two companies had come to a joint assessment that there was "no clear path" to regulatory approval. The UK's Competition and Markets Authority said last month that the deal would threaten competition in the product design, image editing and illustration markets. "There is no clear path to receive necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority," the companies said in the joint statement. "Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently," the chair and chief executive of Adobe, Shantanu Narayen, said.