The UK’s Competition and Markets Authority (CMA) has granted an eight-week extension to its ongoing investigation into Adobe’s $20 billion acquisition of cloud-based designer platform Figma. The original deadline of December 27, 2023, has been pushed to February 25, 2024.
The CMA initiated an in-depth, or phase two, investigation in July, prompted by Adobe’s refusal to offer concessions to address the regulator’s concerns. This inquiry is being carried out by an independent group of experts, reported Reuters.
The extension comes after the CMA received extensive arguments from both Adobe and Figma regarding competition in product development, their growth strategies, and the potential impact on their expansion into new markets. Adobe’s acquisition of Figma, announced in September 2022, marked the largest buyout of a privately owned software startup.