Avid, the brand behind Pro Tools, has announced that it's agreed to be be acquired by an affiliate of private equity firm STG. The deal values the company at $1.4 billion and is expected to be closed before the end of the year.
Once the deal is completed, Avid will become a privately held company; its current stockholders will receive $27.05 for each share of Avid stock, a figure that's 32.1% more than the closing share price in May on the day before media speculation regarding the sale began.
