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Pinnacle Systems to acquire Steinberg Media Technologies

Pinnacle Systems have announced that they have entered into a definitive agreement to acquire all of the stock of Steinberg Media Technologies AG, based in Hamburg, Germany.
Steinberg specialises 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 and will account for this transaction as a purchase. This acquisition will be accounted for in Pinnacle Systems’ fiscal Q3, ending March 31, 2003, and Pinnacle believes that the acquisition will be accretive to Pinnacle Systems’ earnings.
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