BURLINGTON, Mass.—Private equity firm STG has completed its $1.4 billion acquisition of Avid Technology in an all-cash transaction, Avid said today.
The acquisition was announced Aug. 9 and approved by Avid stockholders on Nov. 2. Under the terms of the merger agreement, Avid stockholders will receive $27.05 per share. As a result of the completion of this transaction, Avid common stock ceased trading prior to the opening of trading on Nov. 7. It will no longer be listed on the Nasdaq Stock Market. Avid will operate as a privately held company and remain headquartered here.
“By becoming a private company, we believe Avid will be able to achieve the speed of innovation, scale and performance required for us to continue leading the industry forward,” said Jeff Rosica, Avid’s Chief Executive Officer and president. “Combined with their 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 over the past several years.”
More information is available on the company’s website.
