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Steinway finds new buyer, will go private

Steinway has been in business for 160 years.

Timothy Clary/AFP/Getty Images

Steinway has been in business for 160 years.

Steinway Musical Instruments has been sold for about $499 million and will again become a private company. The Waltham-based piano maker struck a deal with Paulson & Co. for $40 per share, topping an earlier $35 per-share deal with Kohlberg & Co. It will discard that deal and pay a $6.7 million penalty. Steinway suffered during the recession. Sales have increased in recent years, but have yet to return to prerecession levels. The deal is expected to close in September.

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