Avid Technology, which develops video and audio editing tools including Pro Tools, has agreed to be acquired by the private equity firm Symphony Technology Group in an all-cash transaction worth around $1.4 billion.

Done deal? The deal is expected to be completed in Q4, at which point Avid will become a privately held company and cease trading on the public market. As part of the deal, Avid shareholders will receive $27.05 per share in cash for each unit of the company's common stock. That number represents a more than 32% premium over Avid’s share price on May 23, the last trading day before it was reported that the company was potentially selling.

Multiple investors were reportedly competing to purchase Avid, but STG won out and the acquisition has been unanimously approved by the company’s board.

What they're saying: "STG’s expertise in the technology sector and significant financial and strategic resources will help accelerate the achievement of our strategic vision, building on the momentum of our successful transformation achieved over the past several years," said Avid president and CEO Jeff Rosica.

STG managing partner William Chisholm added, "We look forward to leveraging our experience as software investors to accelerate Avid’s growth trajectory with a deep focus on technological innovation and by delivering enhanced value for Avid’s customers."