Steinway Sold to Private Equity Firm for $438 Million

Steinway Sold to Private Equity Firm for $438 Million

The maker of Steinway & Sons pianos is hoping that a duet with private equity will be a harmonious one.

Steinway Musical Instruments announced on Monday that it had agreed to be acquired by the private equity firm Kohlberg & Company in a deal worth roughly $438 million.

The offer of $35 a share represents a 33 percent premium over Steinway’s average closing price in the 90 trading days that ended June 28. Compared with the average closing price during the 52 weeks that ended June 28, the offer represents a premium of 45 percent, the company said.

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