Justice Department is prepping probe of Adobe’s $20 billion acquisition of Figma: report

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The Justice Department is preparing an investigation of Adobe Inc.’s ADBE, -4.03% $20 billion acquisition of Figma, a collaborative web application for interface design, according to a report Thursday in Politico, citing people familiar with the matter and access to a document. Justice officials have issued civil investigative demands requesting information on the deal, Politico reported. Adobe shares are down 4% in early-afternoon trading Thursday. An Adobe spokesperson said in an statement emailed to MarketWatch: “Adobe and Figma today are not meaningful competitors. Figma is a leader in the product design market, focused on building a collaborative web platform. Adobe is a leader in the creative tools space, helping millions of users create amazing visual content. The combination of Adobe and Figma will deliver tremendous value to consumers, advance complementary yet distinct product categories 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. We are engaged in productive discussions with regulators to ensure they have a full understanding of the combination and expect to close the transaction in 2023.”

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