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US: Renowned instrument maker Steinway conducts buyout

 |  July 1, 2013

World-renowned music instrument manufacturer Steinway Musical Instruments announced Monday plans to be acquired by an affiliate of a global private equity firm. In a deal worth a reported $438 million, an affiliate of Kohlberg & Company will buy the instrument maker for $35 per share. Steinway, which has done business for more than 160 years, said in a statement that it is “delighted” about the transaction. The deal remains subject to antitrust review within the US and Germany.

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