Avid will once again operate as a privately-held company and remain headquartered in Burlington, Massachusetts.
Avid, a prominent technology provider driving the media and entertainment industry, has successfully concluded its acquisition by an affiliate of Symphony Technology Group (STG) in an all-cash transaction valued at approximately $1.4bn. This acquisition, originally announced on August 9, 2023, received the unanimous approval of Avid stockholders on November 2, 2023.
According to the terms outlined in the merger agreement, Avid stockholders will receive $27.05 per share. As a direct result of the completion of this transaction, Avid common stock ceased trading before the opening of trading on November 7, 2023, and it will no longer be listed on the Nasdaq Stock Market. Avid will continue its operations as a privately held company and maintain its headquarters in Burlington, Massachusetts.
Speaking about the acquisition, Jeff Rosica, Avid’s Chief Executive Officer and President, said: “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. 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.”
William Chisholm, Managing Partner, and Patrick Fouhy, Principal, of STG, added: “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.”