Adobe’s $20 Billion Figma Takeover Hit by In-Depth EU Probe
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Adobe’s $20 Billion Figma Takeover Hit by In-Depth EU Probe
(Bloomberg) -- Adobe Inc.’s $20 billion takeover of Figma Inc. is set for an in-depth European Union investigation over concerns the deal could harm global competition for software used by designers.
Most Read from Bloomberg
The European Commission warned on Monday the transaction could undermine the supply of tools for interactive product design as well as digital asset creation and that an “important competitive force” could be removed.
The EU’s in-depth probe, set to run until Dec. 14, will also analyze “whether the transaction may foreclose rival providers” by “bundling Figma with Adobe’s Creative Cloud suite.”
“We aim to ensure that users continue to have access to a wide pool of digital creative tools among which to choose,” Margrethe Vestager, the EU’s antitrust commissioner, said in a statement.
‘Transformational’
The planned deal will give San Jose-based Adobe control of world-leading web design platform Figma, in a move described by Adobe Chief Executive Officer Shantanu Narayen as “transformational.”
The purchase is seen as a massive bet that more creative work will be done by small businesses and everyday users on the web, a market that Figma has rapidly seized. While Adobe has introduced less-expensive, streamlined products for that audience, most of its offerings are still heavyweight programs aimed at specialists.
Adobe also faces scrutiny further afield. The deal is already being vetted by the UK’s competition watchdog and the US Department of Justice.
The company said Monday that it remains “confident in the merits of the case as Figma’s product design is an adjacency to Adobe’s core creative products” and that it “has no meaningful plans to compete in the product design space.”
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Skyworks (SWKS) delivered earnings and revenue surprises of 3.59% and 0.07%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
2h ago - Yahoo Finance
'Barbie' crosses $1 billion as analysts turn bullish on box office rebound
"Barbie" has surpassed the coveted $1 billion mark at the global box office — just 17 days after its release.
6h ago - Barrons.com
RingCentral CEO Steps Down. The Stock Is Tumbling.
RingCentral posted solid second-quarter results that edged Wall Street estimates, but the cloud-based telecom provider left its full-year view mostly intact.
2h ago - Investopedia
Top CDs Today: National Rate Leader Holds at 5.75% But Best 3-Year Rate Dips
Today's top three nationwide CD rates are 5.75% APY from Andrews Federal Credit Union, 5.60% APY from Northern Bank Direct, and 5.55% APY from Sallie Mae Bank.
2h ago - Zacks
MannKind (MNKD) Reports Break-Even Earnings for Q2
MannKind (MNKD) delivered earnings and revenue surprises of 100% and 15.65%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
2h ago - Zacks
The Zacks Analyst Blog Highlights BlackRock, Charles Schwab, HIVE, Block and CME Group
BlackRock, Charles Schwab, HIVE, Block and CME Group are included in this Analyst Blog.
15h ago - Yahoo Finance
Biden’s green energy law is turning out to be huge
The green energy bill Biden signed a year ago is turning out to be more transformative than first imagined.
3h ago - Zacks
CRISPR Therapeutics AG (CRSP) Reports Q2 Loss, Tops Revenue Estimates
CRISPR Therapeutics AG (CRSP) delivered earnings and revenue surprises of 55.05% and 2,085.45%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
2h ago
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