Adobe and Figma have mutually agreed to terminate their $20 billion merger agreement

The termination was due to a belief that regulatory approvals from the European Commission and the U.K. Competition and Markets Authority would not be obtained.

The Competition and Markets Authority provisionally found that the acquisition would harm software innovation and eliminate competition.

Adobe and Figma disagree with the regulatory findings but have decided to move forward independently.

Shares of Adobe were rising 1.8% in premarket trading and have gained 74% this year.