Terminated deal

Figma and Adobe (proposed buyer): the deal on record

Adobe agreed in September 2022 to acquire the design software company Figma for approximately USD 20 billion in roughly equal parts cash and stock. After the UK CMA provisionally found competition concerns, the companies terminated the agreement in December 2023, saying they saw no clear path to approval from the European Commission and the CMA. Adobe paid Figma a termination fee of USD 1 billion, and Figma later listed on the New York Stock Exchange in July 2025.^1,4,2,3,5

Timeline

1. 15 September 2022Adobe announces an agreement to acquire Figma.¹
2. 13 July 2023The UK CMA refers the deal to an in depth phase 2 investigation.⁴
3. 28 November 2023The CMA publishes provisional findings of competition concerns.⁴
4. 17 December 2023Adobe and Figma sign a termination agreement. Adobe agrees to pay the USD 1 billion fee within three business days.³
5. 18 December 2023Adobe and Figma announce the termination. The CMA cancels its inquiry the same day.^2,4
6. 30 July 2025Figma prices its initial public offering at USD 33 per share for listing on the NYSE under the symbol FIG.⁵

Regulatory review

1. 13 July 2023UK Competition and Markets Authority. Phase 2 reference.⁴
2. 28 November 2023UK Competition and Markets Authority. Provisional findings of competition concerns.⁴
3. 18 December 2023UK Competition and Markets Authority. Inquiry cancelled after the deal was abandoned.⁴

Status now

Independent company listed on the New York Stock Exchange since its July 2025 IPO.⁵

Sources

1. Adobe, Adobe to Acquire Figma (15 September 2022)
2. Adobe, Adobe and Figma Mutually Agree to Terminate Merger Agreement (18 December 2023)
3. US Securities and Exchange Commission (EDGAR), Adobe Inc. Form 8-K, termination of Figma merger agreement (18 December 2023)
4. UK Competition and Markets Authority, Adobe / Figma merger inquiry (case page) (19 December 2023)
5. US Securities and Exchange Commission (EDGAR), Figma, Inc. prospectus (Form 424B4) (31 July 2025)