The UK competition authority is including Adobe’s proposed acquisition of Figma, a digital design competitor, in its list of tasks.
The CMA has initiated an initial phase 1 merger inquiry and has provided relevant stakeholders with a two-week comment period.
Last September, Adobe confirmed its bid of $20 billion for Figma, which was expected to undergo regulatory scrutiny. In February, the European Commission announced that it was evaluating the acquisition on competition grounds, stating that the deal could potentially impact competition in the market for interactive product design and whiteboarding software.
The CMA is now also stepping in to ensure that the acquisition does not reduce competition and consumer choice in the market.
Read more: DOJ Preps Antitrust Suit To Block Adobe’s $20 Billion Figma Deal
The outcome of the investigation will likely have a bearing on Australia’s own regulations surrounding crypto-services, as the Australian Transaction Reports and Analysis Centre (AUSTRAC) has proposed delaying its regulations until 2024 at the earliest. This delay would give AUSTRAC more time to evaluate the implications of cryptocurrency and digital asset transactions, as well as to consider how other jurisdictions are regulating them.
If the CMA finds that Adobe’s acquisition of Figma could reduce competition and consumer choice, it is possible that AUSTRAC will revise its timeline for implementing its crypto regulations. This could mean that Australians may have to wait even longer for their country to provide clear guidance about their cryptocurrency transactions.
There are reports that the US Department of Justice (DOJ) may file a lawsuit to prevent the deal, but no official confirmation has been made.
