Germany: Federal Cartel Office approved Adobe's acquisition of Semrush

On 20 March 2026, the Federal Cartel Office cleared the proposed acquisition of Semrush Holdings, Inc. by Adobe Inc. following a first-phase merger control review. Adobe develops creativity, productivity, and marketing software, including content management tools. Semrush provides online visibility software, including search engine optimisation applications and a tool for optimising brand presence across generative AI platforms such as ChatGPT and Gemini, also referred to as answer engines. The merger was reviewed under the transaction value threshold, which applies to acquisitions exceeding EUR 400 million where the target generates little or no turnover in Germany. The Federal Cartel Office examined potential competition concerns, including the risk of market foreclosure through product bundling and the possible strengthening of the parties' market positions, but found that sufficient alternatives remain available to customers and competitors.