Avid Technology, parent company of Pro Tools-maker Digidesign, will acquire video company Pinnacle Systems in a cash and stock deal valued at $462 million.Two years ago, Pinnacle acquired music software developer Steinberg Media Technologies, maker of Nuendo and Cubase audio recording and editing systems. Last December, Yamaha reached an agreement to acquire Steinberg’s assets from Pinnacle in deal valued at $28.5 million. Avid, NLE manufacturer, gains additional depth in the professional and consumer video editing markets. Terms call for Pinnacle's stockholders to receive 0.0869 share of Avid stock and $1 in cash for each of their shares, which would be a buyout premium of about 30 percent as of the closing price for Pinnacle's shares on the day the sale was announced.
For more information, visit www.avid.com.
