UK to investigate Adobe’s $20B Figma deal thoroughly.

(Reuters) – Britain’s antitrust regulator is taking a closer look at Adobe’s $20 billion bid for cloud-based designer platform Figma, after Adobe refused to address the regulator’s concerns.

The Competition and Markets Authority (CMA) expressed worries about the deal potentially limiting options for digital app, website, and product designers. Specifically, they identified issues in the supply of screen design software, an area where both companies compete.

Despite being given five working days to propose solutions, Adobe informed the CMA on July 7 that it would not offer any remedies, as reported by the CMA on Thursday.

Both Figma and Adobe referred Reuters to their previous response in June, when the regulator first raised these concerns.

“We look forward to presenting the facts in the next phase of the process and successfully completing the transaction,” stated an Adobe spokesperson.

The CMA will now conduct an in-depth investigation, known as a phase two probe, with the help of independent experts. The deadline for the CMA to conclude its investigation is December 27.

Figma’s web-based collaborative platform for designs and brainstorming is widely popular among tech companies like Zoom Video Communications, Airbnb, and Coinbase.

Adobe announced its cash-and-stock acquisition of Figma in September and aims to finalize the deal by the end of this year. The U.S. and EU regulators are also examining the transaction.

The EU antitrust regulators will make a decision on whether to approve the acquisition by August 7.

(Reporting by Yadarisa Shabong in Bengaluru; Additional reporting by Chavi Mehta; Editing by Nivedita Bhattacharjee and Mark Potter)

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