Avid has announced the completion of its acquisition, previously announced on August 9, 2023 and approved by Avid stockholders on November 2, 2023, by an affiliate of STG in an all-cash transaction valued at approximately $1.4 billion.
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, MA.
“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,” says Avid CEO and president Jeff Rosica. “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,” adds STG managing partner William Chisholm and principal Patrick Fouhy. “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.”
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.
