DOJ reportedly set to sue Adobe over $20B Figma acquisition
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The U.S. Justice Department is reportedly planning to file an antitrust lawsuit aimed at blocking Adobe's (NASDAQ:ADBE) planned $20B acquisition of cloud-based web platform developer Figma.
Antitrust regulators are said to be concerned that the deal would give Adobe (ADBE) a near-monopoly in the market for design software that is used by creative professionals. Adobe (ADBE) is one of the biggest companies in the design software market due to its well-known products such as Photoshop and Illustrator, and announced its plan to acquire Figma with a combination of cash and stock in September 2022.
According to a report from Bloomberg, Adobe (ADBE) officials met with the DOJ on Wednesday, and the Justice Department could file its suit against Adobe (ADBE) as earlier as next week.
For its part, Adobe (ADBE) has pushed forward with its acquisition plans, and has maintained that it still expects to complete the deal this year.
Figma specializes in software used for designing apps and website, and is said to be a leader in the sector ahead of Adobe's (ADBE) owns XD product. Adobe (ADBE) has argued that the deal doesn't violate competition rules because Figma's isn't a true rival of Adobe's (ADBE) product line.
Last week, the European Commission said it would begin a new process of assessing the details of Adobe's (ADBE) deal to acquire Figma.