Yamaha Corp. on Tuesday announced that has "reach a basic agreement" to acquire 100 percent of the common stock of Steinberg Media Technologies GmbH, makers of Cubase, Nuendo, and other products used in music and media production and audio editing. The transaction is valued at US$28.5 million, and is subject to the customary regulatory approvals. Yamaha said it hopes to close the deal by late January 2005.
Yamaha will acquire Steinberg from Pinnacle Systems Inc., the California-based video editing system manufacturer that acquired Steinberg in 2003. Yamaha has had an ongoing relationship with Steinberg since the mid 1990s, according to a statement released by the company. Yamaha plans to continue to emphasize its relationship with Steinberg by promoting its "Studio Connection" initiative and hopes to expand the market for music professionals and general users alike.
Yamaha has acquires Steinberg by a "closed competitive bidding" process that finished yesterday. As part of the acquisition Yamaha acquires Steinberg's US sales business, which will be overseen by Yamaha Corp. of America.
This story, "Yamaha grabs Cubase maker Steinberg" was originally published by PCWorld.