--- schema_version: "secwatch.filing_event.v1" accession: "0001839882-23-030181" form_type: "8-K" ticker: null cik: "0000896841" company_name: "AVID TECHNOLOGY, INC." filed_at: "2023-11-08T23:59:59+00:00" generated_at: "2026-06-08T12:34:49.597622+00:00" event_type: "m_and_a" sentiment: "neutral" materiality_score: 0.9 calibrated_materiality_score: 0.9 confidence: "high" source: SEC EDGAR --- # STG completes acquisition of Avid Technology for $27.05/share, ~$1.4B ## Summary - Acquisition by STG affiliate completed; Avid stockholders receive $27.05 per share in cash, total ~$1.4B. - Avid common stock ceased trading on Nasdaq prior to market open on Nov 7, 2023; deregistration to follow. - New board appointed: William Chisholm, Jeff Rosica, Philip Anderson, Patrick Fouhy replace prior directors. - CFO Kenneth Gayron departed effective Nov 8, 2023; departure not due to disagreement with operations. - Credit agreement provides $400M USD term loan, ~$200M euro term loan, and $60M revolver; secured by assets. ## SEC filing metadata - accession: 0001839882-23-030181 - form_type: 8-K - cik: 0000896841 - company_name: AVID TECHNOLOGY, INC. - filed_at: 2023-11-08T23:59:59+00:00 - event_type: m_and_a - sentiment: neutral - materiality_score: 0.9 - calibrated_materiality_score: 0.9 - confidence: high - sec_items: 1.01, 1.02, 2.01, 2.03, 3.01, 3.03, 5.01, 5.02, 5.03, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/avid-8k_110723.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001839882-23-030181 - JSON: https://secwatch.observer/filing/0001839882-23-030181.json - Plain text: https://secwatch.observer/filing/0001839882-23-030181.txt ## Key facts - Debt Financings AVID TECHNOLOGY, INC. incurred credit facility of (i) an initial United States Dollar term loan facility in an aggregate principal amount equal to $400 million, (ii) an i with Sixth Street Lending Partners, as administrative agent and collateral agent, the lenders from time to time party thereto and the guarantors from time to time party thereto at not specified in excerpt maturing not specified in excerpt. - Instrument: credit facility - Principal: (i) an initial United States Dollar term loan facility in an aggregate principal amount equal to $400 million, (ii) an i - Counterparty: Sixth Street Lending Partners, as administrative agent and collateral agent, the lenders from time to time party thereto and the guarantors from time to time party thereto - Rate: not specified in excerpt - Maturity: not specified in excerpt - Event: incurrence source text: Concurrently with the closing of the Merger, Parent and the Company and certain of the Company’s subsidiaries entered into that certain Credit Agreement with Artisan Midco, Inc., a Delaware corporation and the sole stockholder of Parent, Sixth Street Lending Partners, as administrative agent and collateral agent, the lenders from time to time party thereto and the guarantors from time to time party thereto (the “ Credit Agreement ”), which provides for (i) an initial United States Dollar term loan facility in an aggregate principal amount equal to $400 million, (ii) an initial Euro term loan facility in an aggregate principal amount equal to approximately $200 million and (iii) a revolving loan facility in an aggregate principal amount of up to $60 million. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Executive change Philip Anderson was appointed as Director at AVID TECHNOLOGY, INC.. - Action: appointed - Role: Director source text: William Chisholm, Jeff Rosica, Philip Anderson and Patrick Fouhy became the sole directors of the Company. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Executive change Nancy Hawthorne resigned as Director at AVID TECHNOLOGY, INC.. - Action: resigned - Role: Director source text: the following persons, who were directors of the Company prior to the Effective Time, ceased to be directors of the Company: Christian A. Asmar, Robert M. Bakish, Paula E. Boggs, Elizabeth M. Daley, Nancy Hawthorne, Daniel B. Silvers, John P. Wallace and Peter M. Westley. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Executive change Peter M. Westley resigned as Director at AVID TECHNOLOGY, INC.. - Action: resigned - Role: Director source text: the following persons, who were directors of the Company prior to the Effective Time, ceased to be directors of the Company: Christian A. Asmar, Robert M. Bakish, Paula E. Boggs, Elizabeth M. Daley, Nancy Hawthorne, Daniel B. Silvers, John P. Wallace and Peter M. Westley. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Executive change Robert M. Bakish resigned as Director at AVID TECHNOLOGY, INC.. - Action: resigned - Role: Director source text: the following persons, who were directors of the Company prior to the Effective Time, ceased to be directors of the Company: Christian A. Asmar, Robert M. Bakish, Paula E. Boggs, Elizabeth M. Daley, Nancy Hawthorne, Daniel B. Silvers, John P. Wallace and Peter M. Westley. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Executive change Daniel B. Silvers resigned as Director at AVID TECHNOLOGY, INC.. - Action: resigned - Role: Director source text: the following persons, who were directors of the Company prior to the Effective Time, ceased to be directors of the Company: Christian A. Asmar, Robert M. Bakish, Paula E. Boggs, Elizabeth M. Daley, Nancy Hawthorne, Daniel B. Silvers, John P. Wallace and Peter M. Westley. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Executive change Christian A. Asmar resigned as Director at AVID TECHNOLOGY, INC.. - Action: resigned - Role: Director source text: the following persons, who were directors of the Company prior to the Effective Time, ceased to be directors of the Company: Christian A. Asmar, Robert M. Bakish, Paula E. Boggs, Elizabeth M. Daley, Nancy Hawthorne, Daniel B. Silvers, John P. Wallace and Peter M. Westley. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Executive change Patrick Fouhy was appointed as Director at AVID TECHNOLOGY, INC.. - Action: appointed - Role: Director source text: William Chisholm, Jeff Rosica, Philip Anderson and Patrick Fouhy became the sole directors of the Company. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Executive change Kenneth Gayron departed as Chief Financial Officer at AVID TECHNOLOGY, INC.. - Action: departed - Role: Chief Financial Officer source text: Effective November 8, 2023, Kenneth Gayron is no longer the Company’s Chief Financial Officer. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Executive change Elizabeth M. Daley resigned as Director at AVID TECHNOLOGY, INC.. - Action: resigned - Role: Director source text: the following persons, who were directors of the Company prior to the Effective Time, ceased to be directors of the Company: Christian A. Asmar, Robert M. Bakish, Paula E. Boggs, Elizabeth M. Daley, Nancy Hawthorne, Daniel B. Silvers, John P. Wallace and Peter M. Westley. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Executive change Paula E. Boggs resigned as Director at AVID TECHNOLOGY, INC.. - Action: resigned - Role: Director source text: the following persons, who were directors of the Company prior to the Effective Time, ceased to be directors of the Company: Christian A. Asmar, Robert M. Bakish, Paula E. Boggs, Elizabeth M. Daley, Nancy Hawthorne, Daniel B. Silvers, John P. Wallace and Peter M. Westley. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Executive change John P. Wallace resigned as Director at AVID TECHNOLOGY, INC.. - Action: resigned - Role: Director source text: the following persons, who were directors of the Company prior to the Effective Time, ceased to be directors of the Company: Christian A. Asmar, Robert M. Bakish, Paula E. Boggs, Elizabeth M. Daley, Nancy Hawthorne, Daniel B. Silvers, John P. Wallace and Peter M. Westley. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Executive change William Chisholm was appointed as Director at AVID TECHNOLOGY, INC.. - Action: appointed - Role: Director source text: William Chisholm, Jeff Rosica, Philip Anderson and Patrick Fouhy became the sole directors of the Company. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Executive change Jeff Rosica was appointed as Director at AVID TECHNOLOGY, INC.. - Action: appointed - Role: Director source text: William Chisholm, Jeff Rosica, Philip Anderson and Patrick Fouhy became the sole directors of the Company. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Governance Changes AVID TECHNOLOGY, INC.: Following merger completion, certificate of incorporation and bylaws were amended and restated in their entirety effective at the Effective Time. - Change: bylaw amendment source text: Effective as of the Effective Time and as a result of the completion of the Merger, the certificate of incorporation and the bylaws of the Company, as in effect immediately prior to the Merger, were amended and restated in their entirety. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Material Agreements AVID TECHNOLOGY, INC. entered into Credit Agreement with Sixth Street Lending Partners valued at Initial U.S. dollar term loan facility of $400 million, initial Euro term loan facility of approxima (effective 2023-11-08). - Action: entry - Agreement: credit facility - Counterparty: Sixth Street Lending Partners - Value: Initial U.S. dollar term loan facility of $400 million, initial Euro term loan facility of approxima - Effective: 2023-11-08 source text: Concurrently with the closing of the Merger, Parent and the Company and certain of the Company’s subsidiaries entered into that certain Credit Agreement with Artisan Midco, Inc., a Delaware corporation and the sole stockholder of Parent, Sixth Street Lending Partners, as administrative agent and collateral agent, the lenders from time to time party thereto and the guarantors from time to time party thereto (the “ Credit Agreement ”), which provides for (i) an initial United States Dollar term loan facility in an aggregate principal amount equal to $400 million, (ii) an initial Euro term loan facility in an aggregate principal amount equal to approximately $200 million and (iii) a revolving loan facility in an aggregate principal amount of up to $60 million. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm - Material Agreements AVID TECHNOLOGY, INC. terminated JPM Credit Facility with JPMorgan Chase Bank, N.A. valued at The Company paid all outstanding obligations and terminated the JPM Credit Facility (effective 2023-11-08). - Action: termination - Agreement: credit facility - Counterparty: JPMorgan Chase Bank, N.A. - Value: The Company paid all outstanding obligations and terminated the JPM Credit Facility - Effective: 2023-11-08 source text: Concurrently with the closing of the Merger, the Company paid all outstanding obligations under that certain Second Amended and Restated Credit Agreement, dated October 6, 2022, by and among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, as amended (the “ JPM Credit Facility ”), and the Company terminated the JPM Credit Facility and all credit commitments under the JPM Credit Facility. evidence_url: https://www.sec.gov/Archives/edgar/data/896841/000183988223030181/0001839882-23-030181-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.