Adobe Inc. agreed to buy software design startup Figma Inc. in a deal valued at about $20 billion in a bid to expand its suite of creative tools for professionals.
The deal announced by Adobe, which is a mix of half cash and half stock, confirms an earlier Bloomberg report and would mark the biggest ever takeover of a private software company, according to data compiled by Bloomberg. It’s also Adobe’s biggest acquisition and the market found the deal expensive, sending shares to their steepest single-day decline since 2010.
