Avid Technology Inc has repurchased 500,000 shares of Avid common stock from Intel Corp. Intel originally bought just over 1.5m shares of Avid stock at $9.50 a share back in March 1997, a $14.75m investment that gave it a 6.75% share in the company (CI No 3,127). Since then, the video and audio editing company has prospered, porting its software over to Windows NT, and acquiring the SoftImage Inc graphics software subsidiary of Microsoft Corp in return for a 9% stake. The acquisition was completed on August 3rd. Avid says its strategic alliance with Intel as an investor continues to be very successful and that it is continuing its push onto the Intel architecture. It says the purchase is an acceleration of its previously announced program to repurchase 1,500,000 shares of common stock. Avid shares closed at $34.56 on Friday.
