M&A · Tech · Services-Prepackaged Software
STG to acquire Avid Technology, Inc.
Announced Aug 10, 2023 · Closed Nov 8, 2023
Deal value$1.40BEV $1.36B
Premium32.1%To unaffected price
EV / Adj. EBITDA19.6x3.2x EV / Revenue
ConsiderationAll cash$27.05 per share
Transaction
- Acquirer
- STG
- Target
- Avid Technology, Inc.
- Buyer type
- Strategic
- Offer price per share
- $27.05
- Enterprise value
- $1.36B
- Status
- Closed Nov 8, 2023
Deal protections
- Break fee (target pays)
- $39.8M · 2.8%
- Reverse fee (buyer pays)
- $84.5M · 6.0%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Rothschild & Co
- To the target
- Goldman Sachs
Sector context · Tech
- Comparable deals
- 63 in the prior 24 months
- Premium
- 32.1% vs. 43.5% sector median
- EV / Adj. EBITDA
- 19.6x vs. 17.4x sector median
- Break fee
- 2.8% vs. 3.0% sector median
Timeline
- AnnouncedAug 10, 2023
- Proxy filedSep 1, 2023
- Definitive proxySep 15, 2023
- Shareholder voteNov 2, 2023
- ClosedNov 7, 2023
Valuation · fairness opinions
Trading comparables$21.59$36.02
Trading comparables$21.16$31.56
Premiums paid$26.12$29.68
Offer $27.05
Implied value per Avid Technology, Inc. share by analysis, from Goldman Sachs · DCF discount rate 11%–12%.