Burlington, MA (November 7, 2023)—The acquisition of Avid Technology by STG has been completed, making the audio tech giant a privately-held company once again. Avid common stock ceased trading on the NASDAQ stock market this morning.
STG and Avid announced the $1.4 billion acquisition on August 9, and under the terms of the merger agreement, Avid stockholders will receive $27.05 per share. The all-cash transaction was approved by Avid stockholders last Thursday (November 2).
“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 CEO/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.”