Pinnacle to buy Steinberg Media Tech AG
MOUNTAIN VIEW: Steinberg specializes in digital audio software solutions for consumers and professionals. The companies expect to close the transaction in early January 2003 and have agreed on a total purchase price of approximately $24 million, consisting of $8.2 million in cash and $15.8 million of Pinnacle Systems common stock. At closing, Pinnacle Systems will acquire all products, software, and intellectual property rights, along with all other assets and liabilities of the company. Pinnacle will account for this transaction as a purchase in Pinnacle Systems' fiscal Q3, ending March 31, 2003.
J. Kim Fennell, President and CEO at Pinnacle Systems said, "We are delighted to welcome Steinberg's customers and employees into the Pinnacle family. Steinberg is a recognized industry leader in digital audio and this transaction significantly broadens Pinnacle's digital media offerings. By adding the talent and technology of Steinberg to our company, we believe we can bring our customers an even stronger solutions portfolio."
"Steinberg is pleased to be joining forces with Pinnacle Systems. Our customers and products will benefit greatly from the combined resources of the two companies and we look forward to bringing audio production expertise to the award-winning Pinnacle Systems' product lines," said Manfred Rurup, President of Steinberg Media Technologies AG.
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