Kohlberg to take Steinway Musical private in $438 mln deal

July 1 Mon Jul 1, 2013 9:18am EDT

July 1 (Reuters) - Steinway Musical Instruments Inc said it would be acquired by private equity firm Kohlberg & Co in a deal valued about $438 million.

The 160-year-old manufacturer of pianos, saxophones and trumpets said Kohlberg offered $35 per share in cash, a premium of 15 percent to Steinway's Friday close of $30.43.