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Originally published on Tue July 2, 2013 8:36 am
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 Company 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.