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Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Paulson & Co. Makes Acquisition

Aug 14, 2013
Jing Chen

Steinway Musical Instruments, famous for its grand pianos, announced Wednesday that hedge fund firm Paulson & Co. has signed an acquisition agreement.

New York-based Paulson & Co., founded and run by John Paulson, will purchase Steinway Musical for $40 per share, with the total transaction valued at approximately $512 million. Upon the deal’s completion, Steinway will become a privately-held company.

The statement also said that Steinway has 25 days to accept an outside offer.           

Steinway will also pay private equity firm Kohlberg & Company $6.7 million for terminating their previously announced merger agreement.                         

The transaction is expected to close in late September.            

With additional offices in London and Hong Kong, Paulson & Co. manages approximately $18 billion in assets. Steinway specializes in the design, manufacture, marketing and distribution of high quality musical instruments.

                                                                                                                                                                                                                                                                                                                                        

 

 

                

 

 

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