Republic of Korea: Opened FTC investigation into proposed acquisition of Figma by Adobe

On 11 October 2023, the Korean Fair Trade Commission (FTC) opened an investigation into the proposed acquisition of Figma by Adobe. The FTC aims to determine whether the acquisition would negatively impact competition in the sector and innovation in related markets based on the criteria and procedures outlined in the Fair Trade Act. The FTC noted that the transaction does not meet the reporting requirements for acquisition approval, but based on the high acquisition amount and concerns about the impact it could have on competition, Adobe was requested to submit a voluntary report on 26 September 2023. The FTC will actively cooperate with foreign competition authorities during the investigation. The FTC will review the corporate merger within 30 days of the submission, with the possibility of extending the period to 90 days.