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.