After mounting pressure from regulators in the UK and EU, Adobe and Figma have announced that the two companies are mutually terminating the merger agreement that saw Adobe acquire design platform Figma for $20 billion.

As a result of the termination of the agreement, Adobe will be required to pay Figma compensation for the termination of the agreement in the amount of 1 billion US dollars, reports The Verge.

Adobe and Figma disagree with the regulator’s recent findings, but we believe it is in our mutual interest to move forward independently. While Adobe and Figma share a common vision of reimagining the future of creativity and productivity, we continue to be well-positioned to take advantage of our enormous market and mission to change the world through personalized digital capabilities.

– Chairman of the Board and CEO of Adobe Shantanu Narayen (Shantanu Narayen).

Adobe hasn’t been able to buy Figma for a year now — the $20 billion deal is still being “held up” by regulators