Antitrust questions hang over Adobe's $20B Figma purchase M&A
Matt Kent, a competition policy advocate for consumer advocacy group Public Citizen, agreed, telling The Verge,"It certainly looks like Adobe is in a dominant market position, and this acquisition would increase that dominance."
Federal Trade Commission chair Lina Khan and Department of Justice antitrust chief Jonathan Kanter have made it clear that they intend to be more aggressive in heading off anti-competitive deals and behavior. Khan sued to block Facebook-parent Meta Platforms Inc. from acquiring Within Unlimited Inc., the virtual-reality app developer. She is scrutinizing Amazon.com Inc's $1.7 billion plan to buy Roomba vacuum maker iRobot Corp.
So at the least, observers say there will likely be a review of the Adobe-Figma deal. Whether regulators attempt to block it, though, isn't certain."The combination of Adobe and Figma will greatly benefit consumers," Adobe said in a statement to Axios."We expect the transaction to close in 2023, subject to the receipt of required regulatory clearances and approvals."
Competitors and creative designers aren't the only one with concerns about the deal. Investors have sent Adobe's stock down by more than 20%, cutting its market capitalization by more than the $20 billion price it plans to pay for Figma. Its shares are now trading below $300 a piece, around where they were at the end of 2019.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Update: Third grader fatally struck by vehicle in San Jose near Castlemont Elementary SchoolSan Jose police confirmed a young boy was killed and a woman was injured early Friday after being struck by a vehicle while walking in a crosswalk near Castlemont Elementary School.
Read more »
San Jose: Police auditor calls for more thorough misconduct probes after annual reportReport shows conduct complaints rose in 2021, and auditor says completeness of internal investigations needs work; the department also instituted several auditor-recommended reforms.
Read more »
San Jose Group Sending Relief to Puerto Rico in Wake of Hurricane FionaAs people in Puerto Rico face massive flooding and power outages due to Hurricane Fiona, one Bay Area group is scrambling to send them relief supplies.
Read more »
Rain causes mess on area roadways, tree falls on San Jose homePockets of heavy rain blanketed the Bay Area on Sunday, causing a mess on area roadways, while high winds brought some trees, including on a San Jose home.
Read more »
San Jose drops controversial tiny homes planAfter months of opposition, a controversial plan to build tiny homes in North San Jose has been dropped, but residents are still skeptical.
Read more »
Months after driver is seen running from fatal crash, San Jose man is arrestedHe is suspected of being the man seen fleeing on foot after a fatal single-vehicle accident Feb. 6 in Stanislaus County.
Read more »