U.S. preparing antitrust suit to block Adobe plan to buy Figma -Bloomberg News

[February 24, 2023]  (Reuters) - The U.S. Justice Department is preparing an antitrust lawsuit to block software maker Adobe Inc's $20 billion bid for cloud-based designer platform Figma, Bloomberg News reported on Thursday, citing people familiar with the matter.

Adobe logo is seen on smartphone in this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration

The lawsuit could come as early as next month, Bloomberg reported.

Responding to the report, Adobe said it and Figma were in different product areas, with Figma focusing on interactive designs.

"We are engaged in constructive and cooperative discussions with regulators in the US, UK and EU among others. We continue to expect to close the transaction in 2023," the company said in a statement.

The Justice Department declined comment.

Adobe shares edged lower in trading post-market trading after the story came out.

Adobe, which makes Photoshop, said in September it would buy Figma, with investors concerned about the hefty price tag.

(Reporting by Diane Bartz in Washington and Tiyashi Datta in Bengaluru; Editing by Shinjini Ganguli)

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