Symphony Technology Group, LLC completed the acquisition of Avid Technology, Inc..
The transaction is subject to Avid stockholder approval, regulatory approvals, the expiration or termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions. The transaction was unanimously approved by Avid?s Board of Directors. The transaction was also approved by Symphony Technology Board. The transaction was approved at the special meeting of stockholders of Avid Technology held on November 2, 2023. The transaction is expected to close during the fourth quarter of 2023. Goldman Sachs & Co. LLC is serving as financial advisor and fairness opinion provider to Avid, and Beth Berg and Daniel J. Belke of Sidley Austin LLP are serving as legal counsel. Rothschild & Co is serving as financial advisor to Symphony Technology, and Steve Camahort and Dana Kromm of Paul Hastings LLP are serving as legal counsel to Symphony Technology. Innisfree M&A Inc. is the proxy solicitation agent for Avid for a fee of approximately $25,000. Avid has agreed to pay Goldman Sachs a transaction fee of approximately $20 million which is contingent upon consummation of the merger.
Symphony Technology Group, LLC completed the acquisition of Avid Technology, Inc. (NasdaqGS:AVID) on November 7, 2023. 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, Massachusetts