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Famed piano maker Steinway sold for $499M

Famed piano maker Steinway sold for $499M, will become private company

Famed piano maker Steinway sold for $499M

WALTHAM, Massachusetts (AP) -- The famed piano maker Steinway is being sold for $499 million and will be taken private.

The U.S.-based company terminated an existing sales agreement with Kohlberg & Co. after it was outbid by another investment firm, Paulson & Co.

Paulson beat Kohlberg's offer by $3 per share.

Steinway will have to pay a termination fee of about $6.7 million.

Paulson will ultimately pay $40 per share for the company. Steinway valued the sale at about $512 million.

Paulson will open a tender offer for shares of Steinway Musical Instruments Inc. within the next five days.


Updated : 2021-04-16 16:46 GMT+08:00