Adobe / Figma merger inquiry

The CMA investigated the anticipated acquisition by Adobe Inc. of Figma, Inc.

• From: Competition and Markets Authority
• Published: 3 May 2023
• Last updated: 19 December 2023 — See all updates

• Case type: Mergers
• Case state: Closed
• Market sector: Electronics
• Outcome: Mergers - phase 2 cancellation
• Opened: 3 May 2023
• Closed: 19 December 2023

Phase 2

Administrative timetable

Date of referral: 13 July 2023

Statutory deadline: 25 February 2024

• Administrative timetable (PDF, 122KB) (25.10.23)

Contact

general.enquiries@cma.gov.uk

Merger abandoned

18 December 2023: The CMA has cancelled its merger inquiry into the anticipated acquisition by Adobe Inc. of Figma, Inc.

• Cancellation of merger reference (PDF, 92KB) (19.12.23)

Responses to provisional findings and possible remedies

• Parties response to the notice of possible remedies (PDF, 167KB) (18.12.23)

Provisional findings

28 November 2023: The CMA has provisionally found competition concerns as part of its in-depth investigation of the anticipated acquisition by Adobe Inc. of Figma, Inc.

The deadline for submitting responses to the provisional findings is Tuesday 19 December 2023.

The deadline for submitting responses to the notice of possible remedies is Tuesday 12 December 2023.

• Provisional findings report (PDF, 3,231KB) (30.11.23)

• Appendices and glossary (PDF, 985KB) (30.11.23)

• Summary of provisional findings (PDF, 310 KB) (28.11.23)

• Notice of provisional findings (PDF, 144KB) (28.11.23)

• Notice of possible remedies (PDF, 216KB) (28.11.23)

• Press notice: Adobe / Figma deal could harm UK digital design sector (28.11.23)

Notice of extension of statutory period

• Notice of extension (PDF, 103KB) (25.10.23)

Notice of extension of inquiry period

• Termination of extension under Section 39(4) (PDF, 120KB) (21.8.23)
• Notice of extension under Section 39(4) (PDF, 98KB) (17.8.23)

Responses to the issues statement

• Parties’ joint response (PDF, 2058KB) (28.9.23)
• Parties’ evidence appraisal paper (PDF, 332KB) (28.9.23)

Issues statement

26 July 2023: The issues statement sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions.

• Issues statement (PDF, 203KB) (26.7.23)

Inquiry group appointed

13 July 2023: The CMA has appointed the inquiry group.

Margot Daly (Chair), Cyrus Mehta, Humphrey Battcock and David Thomas.

Terms of reference

13 July 2023: The CMA has referred the anticipated acquisition by Adobe Inc. of Figma, Inc. for an in-depth investigation.

• Terms of reference (PDF, 100KB) (13.7.23)

Phase 1

Statutory timetable

Date	Action
30 June 2023	Decision announced
3 May 2023 to 18 May 2023	Invitation to comment
3 May 2023	Launch of merger inquiry

Reference decision

13 July 2023: The CMA has referred the anticipated acquisition by Adobe Inc. of Figma, Inc. for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.

• Decision to refer (PDF, 119KB) (13.7.23)

Reference unless undertakings accepted

30 June 2023: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

• Full text of the phase 1 decision (PDF 796 KB) (7.8.23)
• Summary of Phase 1 decision (PDF, 124KB) (30.6.23)
• Press notice: design software deal could harm UK digital economy (30.6.23)

Launch of merger inquiry

3 May 2023: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement notice (PDF, 82.0 KB) (3.5.23)

Invitation to comment: closed

3 May 2023: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

These comments should be provided by the deadline set out above.

Published 3 May 2023
Last updated 19 December 2023 + show all updates

1. 19 December 2023

   Cancellation of merger reference published.

2. 18 December 2023

   Responses to provisional findings and possible remedies published.

3. 30 November 2023

   Full provisional findings report, appendices and glossary published

4. 28 November 2023

   Summary, notice of possible remedies, and provisional findings published

5. 25 October 2023

   Statutory deadline and administrative timetable updated with notice of extension published

6. 28 September 2023

   Parties’ joint response and evidence published

7. 21 August 2023

   Notice of termination of extension published

8. 17 August 2023

   Notice of extension of inquiry period

9. 7 August 2023

   Full text of the phase 1 decision published.

10. 26 July 2023

    Issue statement published.

11. 21 July 2023

    Administrative timetable published.

12. 13 July 2023

    Inquiry group appointed

13. 13 July 2023

    Decision to refer and Terms of reference published.

14. 30 June 2023

    Phase 1 decision published

15. 3 May 2023

    First published.