Avid Technology acquires Pinnacle Systems.(Breaking News!)

Many companies like to choose NAB to announce acquisitions to create some extra buzz, but Avid must be solidly confident that its new product developments--never announced pre show--will be what will draw the crowds to its booth (SL600) as it has done for the last two years now.

Just less than a month shy of NAB, the company released news of its acquisition of Pinnacle Systems. The deal is worth an estimated US$462 million (6.2 million new shares issued at a close of US$62.95 per Avid share) and US$71.3 million in cash).

Avid says the combination of the two companies will ...

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