Advertisement

Famed Piano Maker Steinway Sold For $499M

This article is more than 7 years old.

The famed piano maker Steinway is being sold for $499 million.

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

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

Steinway, which is being taken private, will have to pay a termination fee of about $6.7 million.

Paulson will ultimately pay $40 per share for the Waltham, Mass., 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.

This program aired on August 14, 2013. The audio for this program is not available.

Advertisement

Advertisement