Avid to Acquire Pinnacle Systems
Avid to Acquire Pinnacle Systems
by , 7:30 AM EST, March 21st, 2005
Digital editing equipment maker Avid Technology Inc. announced Monday it has agreed to purchase video editing firm Pinnacle Systems Inc. in a deal valued at US$462 million in cash and stock transfer.
Under terms of the agreement, Pinnacle shareholders will receive .0869 shares of Avid stock and $1 in cash for each Pinnacle share held. At closing, it is expected that Avid will issue about 6.2 million shares and pay $71.3 million in cash. Pinnacle's shareholders will own about 15% of the combined company after completion. Both companies' shareholders must approve the transaction.
"By acquiring Pinnacle's consumer video business, Avid will be able to tap into the next generation of video editors while they are still learning their craft," said Avid president and CEO David Krall in a prepared statement. "This creates a very large potential customer base for Avid's future. At the same time, we believe that Pinnacle's professional broadcast offerings will fit seamlessly with Avid's business, extending our end-to-end broadcast solutions with servers and on-air graphics products."
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