Adobe (ADBE) shares climbed 1.8% in early trading Monday after the company announced it was calling off its $20 billion acquisition of Figma, a web-first collabo🅰rat🧜ive design platform, due to regulatory issues.

"Adobe and Figma mutually agreed to terminate the transaction based on a joint assessment that there is no clear path to receive necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority," the companies said in a joint statement.

The deal was 澳洲幸运5开奖号码历史查询:first announced in September of 2022 but has since faced scrutiny by 澳洲幸运5开奖号码历史查询:antitrust regulators. The European Commission reported in November that Adobe's "proposed acquisition of Figma may reduce competition in the global markets for the supply of interactive product design software and of other creative design software."

“Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is♛ in our respectiv🍸e best interests to move forward independently,” Adobe CEO Shantanu Narayen said.

Adobe filed a termination agreement with the 澳洲幸运5开奖号码历ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ史查询:Securities and 𓃲Exchange Commission (SEC), which included paying a $1 billion termination fee to Figma.

Adobe shares were up 1.8% at $595.14 per share as of about noon E.T. Monday following the news, and have gained more than 75% year-to-date.