International. Avid announced the completion of its acquisition by an STG subsidiary in an all-cash transaction valued at approximately $1.4 billion.
The acquisition was previously announced on August 9, 2023 and was approved by Avid shareholders on November 2, 2023.
Under the terms of the merger agreement, Avid shareholders will receive $27.05 per share. As a result of the completion of this transaction, Avid's common stock ceased trading on November 7, 2023 and will no longer be listed on the Nasdaq stock market. Avid will operate as a privately held company and will maintain its headquarters in Burlington, Massachusetts.
"By going private, we believe Avid will be able to achieve the speed of innovation, scale and performance needed to continue to lead the industry," said Jeff Rosica, CEO and president of Avid. "Combined with its significant operational and financial resources, STG brings deep investment experience in the technology sector that will accelerate the achievement of Avid's strategic vision, building on the momentum of our successful ongoing transformation achieved in recent years."
William Chisholm, Managing Partner, and Patrick Fouhy, Principal, STG, said, "We are excited to begin the next phase of Avid's journey. Avid solutions are critical to content creation and management workflows in the film, television, and music markets. Building on Avid's established leadership position, we look forward to accelerating its growth trajectory through a deep focus on innovation and delivering greater customer value."
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