# Steinway is sold!



## KenOC

It's finally happened. "Steinway, maker of the famous pianos, is being acquired for $438m (£288m) by the private equity firm Kohlberg & Co. The 160-year old firm had previously announced it was looking for a buyer."

http://www.bbc.co.uk/news/business-23134271


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## joen_cph

"_Kohlberg & Co." _at least sounds better than "_Jim´s Fast Food Delivery, Round the Corner_" ...


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## KenOC

BTW I just noticed this in the NY Times story on Steinway's sale: "The company’s ticker symbol, LVB, is a reference to the initials of Ludwig van Beethoven."


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## KenOC

Interesting article on the possible future of Steinway: http://www.wqxr.org/#!/blogs/wqxr-blog/2013/jul/02/explainer-what-steinway-sale-means-music-fans/


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## PetrB

Is that both Steinways ~ Europe & United States America?

Are they going to start making motorcycles and air conditioners, too?


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## KenOC

PetrB said:


> Is that both Steinways ~ Europe & United States America?


The company sold is Steinway Musical Instruments (NYSE: LVB). They make a broad range of musical instruments (most famously, pianos) and do not seem to have any non-musical products.


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## KenOC

Steinway's back in the news: "Steinway Musical Instruments, the US company famous for its grand pianos, has agreed a buyout deal with hedge fund firm Paulson & Co. The deal values the firm at $512m (£330m) and trumps an earlier offer made by rival firm Kohlberg & Co. Steinway still has 25 days to accept better offers, but Kohlberg has already said it will not bid again."

Kohlberg had said he planned to keep the company intact without major changes. No word on what Paulson plans.

http://www.bbc.co.uk/news/business-23699626


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