News

European Commission Clears Avid's Acquisition of Pinnacle Deal (5/8/2005)

Avid Technology, Inc. (NASDAQ: AVID) and Pinnacle Systems, Inc. (NASDAQ: PCLE) today announced that the European Commission has cleared Avid's proposed acquisition of Pinnacle. With this final regulatory clearance, the parties expect to complete the acquisition on August 9, 2005.

"Now that we have cleared regulatory review in Europe, we can complete the transaction and begin moving ahead with our plans for the combined company," said David Krall, Avid's president and chief executive officer. "Over the past few months, we have developed an integration plan that leverages our respective talents and technologies. Following next week's scheduled closing, we look forward to putting that plan into effect to capitalize on the opportunities that will result from the strength of this combination."

Upon the closing of the acquisition next week, Pinnacle shareholders will receive approximately 6.2 million shares of Avid stock and approximately $71 million in cash.

www.avid.com