Symphony Technology Group (STG), a mid-market private equity firm focused on technology investments, has agreed to acquire media editing software maker Avid Technology in a deal worth about $1.4 billion, including debt, according to a report by Reuters.
The report cites a company statement as revealing that under the terms of the deal, Avid shareholders will receive $27.05 per share in cash, which represents a 32% premium to the company’s closing share price on 23 May, the day before Reuters first reported that it was looking at a potential sale.
Sixth Street Partners and Silver Point have provided debt financing for the deal, which is expected to close in the fourth quarter of this year.
Founded in 1987, Avid provides editing software and hardware primarily to entertainment industries with its products having Benn used in the the production of recent blockbusters including Top Gun: Maverick and Avatar: The Way of Water.
