Private equity firm Symphony Technology Group (STG) has announced the acquisition of another popular media editing software maker, Avid Technology Inc. Reuters reported this news with reference to STG on Wednesday.
STG has reportedly agreed to spend about $1.4 billion to buy Avid.
Under the deal, Avid shareholders will receive $27.05 in cash per share, according to a statement.
The transaction is expected to be completed by the fourth quarter of this year.
Founded in 1987, Avid Mulan provides editing software and hardware for the entertainment industry. Blockbuster movies Tom Gunn – Maverick, Avatar – The Way of Water etc. have been worked on using their Media Composer, MediaCentral and Airspeed.
STG, on the other hand, currently has $10 billion in assets. Besides, the company has invested in fifty some companies in the technology sector.