Adobe and Figma call off $20 billion acquisition after regulatory scrutiny

Adobe and

, the cloud-based design tool, will terminate their planned $20 billion merger in light of regulatory hurdles, the companies said Monday.

In a statement, the two companies said, “there is no clear path to receive necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority.”

Adobe shares rose around 0.6% in Monday morning trading.

“Adobe and Figma strongly disagree with the recent…