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TV Tech

Phil Kurz

STG Closes Acquisition of Avid

AVID STG Avid Technology

Avid.

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.

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