MarketWatch headline: Adobe stock drops after WSJ report of talks to buy Figma for $20 billion in cash and stock
Published: Sept. 15, 2022 at 7:57 a.m. ET
Shares of Adobe Inc. ADBE, +0.85% sank 3.8% in premarket trading Thursday, after The Wall Street Journal reported that the digital media and publishing company was in advanced talks to buy Figma Inc. in a cash and stock deal valued at $20 billion. Figma is a San Francisco-based design software company founded in 2012. Citing people familiar with the matter, the WSJ report said the deal for Figma, which could be completed as soon as Thursday, would be roughly half in stock and half in cash. Adobe, with a market capitalization of $173.87 billion as of Wednesday’s close, was scheduled to report third-quarter results after Thursday’s closing bell. The stock has tumbled 34.5% year to date through Wednesday, while the S&P 500 SPX, +0.34% has lost 17.2%.
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