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Avid (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced that it has entered into a definitive agreement to be acquired by an affiliate of STG in an all-cash transaction valuing Avid at approximatelyR$1.4 billion, inclusive of Avid's net debt.
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.