Pinnacle Systems Inc.
has entered into a definitive agreement to acquire all of the stock of
Steinberg Media Technologies.
Steinberg specializes in digital audio software solutions for consumers and professionals, such as Cubase, which was recently updated with Mac OS X compatibility. The companies expect to close the transaction early next month and have agreed on a total purchase price of approximately US$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. There’s no word yet on what the acquisition will mean for the companies’ various products.