Avid Technology has entered into a definitive agreement to acquire Midiman, (M-Audio) – a digital audio and MIDI solutions provider.
Avid will pay approximately $80 million in cash, issue approximately 2 million shares of Avid common stock, and assume all outstanding M-Audio stock options. The deal also includes earn-out provisions, which would be payable to M-Audio’s equity holders based on the successful achievement of certain financial milestones.
Under the terms of the agreement, M-Audio will become a business unit of Avid’s Digidesign audio division and market its line of computer audio peripherals, PCI sound cards, keyboard controllers and control surfaces, microphones, speakers, and distributed software and proprietary sound libraries alongside Digidesign’s digital audio workstations.
For more information, visit www.digidesign.com.