Adobe and Figma Ditch Deal After Watchdog Pressure (Correct)

Adobe Inc. agreed to ditch its record $20 billion purchase of design software maker Figma Inc. amid mounting opposition from competition regulators in the European Union and the UK.

Shantanu Narayen, Adobe’s chief executive officer, said in a statement Monday that the companies “strongly disagree with the recent regulatory findings” and that the planned deal — Adobe’s largest ever — would no longer go ahead as a result of pressure from antitrust authorities. Adobe added that “there is no clear path to receive necessary regulatory approvals” in the EU and the UK. According to the original merger agreement ...