You are here

Avid to be acquired by STG

Company valued at approximately $1.4 billion

Avid Pro Tools Media Composer sold purchased acquired STG

Avid, the developers of Pro Tools, have announced that they have entered into a definitive agreement to be acquired in an all-cash transaction by an affiliate of private equity firm STG. The deal, which was unanimously approved by Avid’s board of directors, valued the company at approximately $1.4 billion, and is expected to be closed during the fourth quarter of 2023.

Upon the completion of the transaction, Avid will become a privately held company and its common stock will no longer be traded on Nasdaq. As part of the agreement, the company’s current stockholders will receive $27.05 in cash for each share of Avid stock.

“This transaction is the result of a comprehensive review of strategic alternatives for Avid. Upon closing, this transaction will deliver immediate, significant and certain value to our stockholders. After carefully evaluating a variety of options, the Board determined that this transaction is in the best interests of Avid and its stockholders.” - John P. Wallace, Chairman of the Avid Board of Directors

“STG has admired Avid’s heritage as a category creator and pioneer in the media and entertainment software market for many years. We are excited to partner with Jeff and the management team to build on the company’s history of delivering differentiated and innovative content creation and management software solutions. We look forward to leveraging our experience as software investors to accelerate Avid’s growth trajectory with a deep focus on technological innovation, and by delivering enhanced value for Avid’s customers.” - William Chisholm, Managing Partner of STG

More information about the acquisition can be found on the Avid website. 

https://ir.avid.com/news-releases/news-release-details/avid-technology-enters-de…

Did you miss this News?