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Steinway agrees to be acquired for $438m

A typical Steinway grand piano costs about $50,000.

Associated Press/File

A typical Steinway grand piano costs about $50,000.

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Steinway Musical Instruments said it has agreed to be bought by private equity firm Kohlberg & Co. for about $438 million. The Waltham company’s pianos have been a must-have luxury in concert halls for more than a century, but the company suffered during the recession. Kohlberg will take the company private and is opening a tender offer to buy all outstanding stock for $35 per share. The Steinway board unanimously recommended investors tender their stock.

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