STG acquires Avid Technology for $1.4B

STG acquires AVID

The acquisition process, initiated on August, the 9th, 2023, concluded with a $1.4 billion all-cash transaction and received green light from shareholders last November, the 2nd

This strategic movement was previously announced on August 9, 2023, and approved by Avid stockholders on November 2, 2023, and finally was closed. At the begining of the month, Avid Technology, technology provider powering the media and entertainment industry since 1987, announced the completion of its acquisition by an affiliate of STG in a transaction valued at approximately $1.4 billion.

Avid stockholders will receive $27.05 per share, under the terms of the merger agreement. As a result of the completion of this transaction, Avid common stock ceased trading prior to the opening of trading on November 7, 2023, and will no longer be listed on the Nasdaq Stock Market. Avid is right now operating as a privately-held company and remain headquartered in Burlington, Massachusetts.

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