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Avid to acquire Pinnacle Systems for $462 million
Mar 30, 2005 8:00 AM, ENG Update e-newsletter
Avid Technology has entered into a definitive agreement to buy Pinnacle Systems in a cash and stock transaction valued at $462 million.
Avid is expected to issue about 6.2 million shares and pay $71.3 million in cash at the closing of the deal. The agreement is subject to several closing conditions including approval from shareholders and regulators. The deal is expected to close by the third quarter of 2005.
According to a statement from Avid, Pinnacle’s consumer products will give the company entry into the home user market, while its professional products will extend Avid’s professional line of products. Avid plans to form a consumer product division based on Pinnacle’s existing products and customer base of 10 million.
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