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Economy & Business

Private Equity Firm To Acquire Steinway Musical Instruments

RENEE MONTAGNE, HOST:

NPR's business news starts on a high note.

(SOUNDBITE OF MUSIC)

MONTAGNE: Steinway Musical Instruments announced Monday that it would be acquired by the private equity firm Kohlberg and Co., in a deal worth $438 million. Kohlberg says it plans to build on Steinway's 160 years of piano-making tradition, and expand its sales globally.

Steinway's stock price jumped in response to the news. And for the record, the company's ticker symbol is LVB - a reference to the initials of Ludwig van Beethoven. Transcript provided by NPR, Copyright NPR.