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US: After nixed merger, Steinway pianos finds new home

 |  August 14, 2013

Following the termination of a previously announced merger with Steinway Musical Instruments and Kohlberg & Company, Steinway announced this week it has entered into a new merger agreement with Paulson & Co. in a deal worth about $512 million. Kohlberg first told Steinway on Tuesday that it would not match terms of the Paulson merger agreement. Subsequently, Steinway agreed to merge with Paulson and the piano maker will be taken private. According to reports, Steinway will pay Kohlberg a termination fee of about $6.7 million.

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