Adobe today announced it has terminated its proposed $20 billion acquisition of Figma, the rising star of cloud-based collaborative design tools.

The decision comes after months of scrutiny from antitrust regulators in the US and Europe, who voiced concerns that the merger would stifle competition in the design software market.

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“Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently,” said Adobe chair and CEO Shantanu Narayen in a statement. “While Adobe and Figma shared a vision to jointly redefine the future of creativity and productivity, we continue to be well positioned to capitalize on our massive market opportunity and mission to change the world through personalized digital experiences.”

As a result of the termination, Adobe will be required to pay Figma a reverse termination fee of $1 billion in cash.

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