Avid Technology Inc., a maker of audio and video editing tools, agreed to be acquired by private equity firm STG for about $1.4 billion, including debt.
Under the terms of the deal, Avid investors will get $27.05 a share in cash, representing a 32% premium over the stock price on May 23, before speculation about an acquisition surfaced, the companies said in a statement Wednesday.
The deal followed a review of strategic alternatives that included a variety of options, Avid Chariman John Wallace said. The transaction is expected to close during the fourth quarter of 2023.
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