Investment Firm Buying Steinway for $512 Million

Rachmaninoff and Steinway. Photo by Bain News Service/Library of Congress, Prints & Photographs Division

Rachmaninoff and Steinway. Photo by Bain News Service/Library of Congress, Prints & Photographs Division

Steinway Musical Instruments, whose subsidiaries include the legendary piano maker Steinway & Sons, is being sold to the New York-based investment firm Paulson & Co for $512 million, according to several media reports and a press release issued today by Steinway.

Michael Sweeney, Steinway’s president and chief operating officer, was quoted in the press release as saying, “our employees, dealers, artists, and customers can rest assured that Steinway will be in excellent hands under John Paulson’s stewardship.”

Time will tell …

David Brensilver

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