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1 July 2013, 16:35
The piano manufacturer Steinway Musical Instruments Inc. has been bought for $438m by a private equity firm, Kohlberg & Co.
The news comes after the company had previously stated that it was contemplating a sale. Kohlberg & Co intend to buy the company's existing stock for $35 per share, but the sale also incorporates a 45-day period in which Steinway may look for rival bids.
Though the company is most famous for its pianos, beloved of concert pianists and concert halls around the world, Steinway also make saxophones, trumpets percussion and trombones through their various owned manufacturers.
The sale has resulted in a large jump in share prices for Steinway Musical Instruments Inc., which increased 15% to $35.05.
The company has roots as far back as 1835, when Heinrich Engelhard Steinweg began making pianos in his house in Seesen, Germany, and then later going on to found Steinway & Sons in 1853 after moving to Manhattan, New York.