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The Competition and Markets Authority (CMA) said the deal would be referred to a phase 2 investigation "unless the parties offer acceptable undertakings to address these competition concerns."
EU authorities plan to push forward with a detailed investigation, over anti-competition concerns, which could take many months and may ultimately derail the deal altogether, FT said, citing people with knowledge of the move.
Matt Barbelli went from ratbag high school dropout, to determined (ad agency) door knocker, entrepreneurial start-up sensation age 26 (Frank Digital), to leading two successful agencies through a GFC and COVID, to masterminding an international merger, winning a slew of international awards, and all
Penpot, a 2-year-old open-source project, is getting new deployments after larger rival Figma agreed to be bought by software giant Adobe.
Adobe also revealed that it expects the deal to be accretive to its earnings three years after its completion. Before Figma, Adobe's largest acquisition was that of software maker Marketo for $4.75 billion in 2018.