Per CNBC
The DOJ could launch a lawsuit in March to block Adobe's $20 billion Figma acquisition deal
2/24/2023
Adobe shared information through a report regarding how the US Justice Department is looking for a way to stop its next $20 billion acquisition deal. This meant stopping the company's planned acquisition of Figma, a startup company that is slowly competing with it.
An Adobe spokesperson gave a statement to CNBC in an email sharing how the combination of both companies will affect customers. It shared how the company was excited about the acquisition.
Adobe spokesperson: “The combination of Adobe and Figma will deliver significant value to consumers, advance new product categories and technologies and create new market opportunities, and we’ve been delighted to hear from customers across the design space who tell us they are excited about the benefits the transaction will unlock,"
Adobe expects to generate a recurring income of $400 million annually from acquiring Figma. The company's plan to purchase the startup will help it grow its portfolio in the Creative Cloud bundle.
The Creative Cloud bundle is being used by both independent designers and businesses alike. The deal was initially announced in September, but the US Justice Department will reportedly file a lawsuit to block it in March.
Figma, on the other hand, is a company that provides the necessary means of designing apps and websites and collaborating on ideas. It is also sued by different companies.
Adobe spokesperson: "Together, our vision will help enable millions of consumers to transform their productivity with creativity. We are engaged in constructive and cooperative discussions with regulators in the US, UK and EU, among others,”
Earlier this year, the Justice Department expressed its intent to sue Google over the company's dominance in the digital advertising market. The company is expected to rake in $73.8 billion in revenue this 2023.
In other news, Reddit could be looking at an IPO for the second half of this year after a confidential filing in 2021.
See flow at unusualwhales.com/flow.
Other News:
- The US Justice Department to sue Google, GOOGL, as soon as tomorrow
- Reddit could be looking at an IPO for the second half of 2023 after the 2021 confidential filing
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