Waltham-based Steinway Musical Instruments has been acquired by New York hedge fund Paulson & Co. for approximately $512 million, the companies said this morning in a statement.
Paulson, which previously submitted a bid for $478 million, will acquire the luxury piano maker for $40 a share, far more than the $35 per share offer from the original bidder, Kohlberg & Co. Kohlberg dropped out of negotiations after Paulson's initial bid.
As part of the deal, Paulson will pay Kohlberg a termination fee of roughly $6.7 million.
Arnold Ursaner, president of CJS Securities, said the sale will likely not change much about the production of the legendary pianos, which take almost a year to make because of the significance of the brand.
"That luxury global brand had tremendous global appeal," he said. "I don't expect them to change the way they build the pianos."
He called the move a revenue buy for Paulson, rather than a cost-cutting move for Steinway.
Steinway will become privately held as part of the deal.
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