Avid Technology has announced that it has entered into a definitive agreement to be acquired by an affiliate of STG for $1.4 Billion. Upon completion of the transaction, Avid will become a privately held company.
Under the terms of the agreement, Avid stockholders will receive $27.05 USD in cash for each share of Avid common stock. The cash purchase price represents a premium of 32.1% over the Company’s unaffected closing share price on May 23rd, 2023, the last full trading day prior to media speculation regarding a potential sale of the company.
“Since our founding over 30 years ago, Avid has delivered technology that enables individuals and enterprises who create media for a living to make, manage and monetize today’s most celebrated video and audio content across the globe. We are pleased to announce this transaction with STG, who share our conviction and excitement in delivering innovative technology solutions to address our customers’ creative and business needs,” said Jeff Rosica, Avid’s Chief Executive Officer and President.
“STG’s expertise in the technology sector and significant financial and strategic resources will help accelerate the achievement of our strategic vision, building on the momentum of our successful transformation achieved over the past several years. This transaction represents the start of an exciting new chapter for Avid, our customers, our partners and our team members and is a testament to the importance of Avid and our solutions in powering the media and entertainment industry.”
More information: Avid
