Press release

STG Completes Acquisition of Avid Technology

BURLINGTON, Mass., Nov. 07, 2023 (GLOBE NEWSWIRE) -- Avid Technology, Inc. (NASDAQ:AVID), a leading technology provider that powers the media and entertainment industry, today announced the completion of its acquisition by an affiliate of STG in an all-cash transaction valued at approximately $1.4 billion. The acquisition was previously announced on August 9, 2023, and approved by Avid stockholders on November 2, 2023.

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 will cease trading prior to the opening of trading on November 7, 2023, and will no longer be listed on the Nasdaq Stock Market. Avid will operate as a privately-held company and remain headquartered in Burlington, Massachusetts.

"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."

"We are excited to begin the next phase of Avid's journey. Avid's solutions are integral to content creation and management workflows across the film, television and music markets. Building on Avid's established leadership position, we look forward to accelerating Avid's growth trajectory through a deep focus on innovation and delivering enhanced customer value," said William Chisholm, Managing Partner, and Patrick Fouhy, Principal, of STG.

Advisors
Goldman Sachs & Co. LLC served as financial advisor to Avid, and Sidley Austin LLP served as legal counsel to Avid. Rothschild & Co. served as financial advisor to STG, and Paul Hastings LLP served as legal counsel to STG. Sixth Street Partners and Silver Point provided debt financing in support of the transaction.

Cautionary Statement Regarding Forward-Looking Statements
Certain information provided in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform ...

Full story available on Benzinga.com


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