Avid Technology Inc (NASDAQ:AVID) has agreed to be acquired by an affiliate of STG in an all-cash transaction worth around $1.4 billion. AVID shareholders will receive $27.05 in cash for each common share, a premium of 32.1% over the closing share price as on May 23, 2023. The deal is expected to close in Q4 2023. AVID also reported Q2 FY23 revenues of $108.5 million, beating the consensus of $103.5 million, and adjusted EPS of $0.22, above the street view of $0.21.