Gleiss Lutz has advised US private equity firm Kohlberg & Company on the proposed takeover of musical instrument manufacturer Steinway Musical Instruments Inc. Kohlberg is offering USD 438 million for the NYSE listed company. Steinway’s management has approved the offer.
Closing of the deal with Steinway is subject to various conditions and expected in the third quarter of 2013. Steinway is famous for its pianos, which are marketed under the label “Steinway & Sons”. These are manufactured in New York and at Steinway’s large long-established Hamburg site. The company most recently reported annual sales of USD 354 million.
Ropes & Gray acted as lead counsel on the deal. Gleiss Lutz advised on all aspects of German law in connection with the transaction.
Gleiss Lutz’s team comprised Dr. Ralf Morshäuser, Dr. Jan Balssen (both partners, Munich), Dr. Christian Cascante (partner, Stuttgart), Roland Sterr, Christoph Limmer (both Munich, all corporate/M&A), Dr. Roland Hartmannsberger (public law, Stuttgart), Dr. Maximilian von Rom (partner), Sebastian Tusch (both finance, Frankfurt), Dr. Jonas Rybarz, Konrad Discher (both real estate, Berlin) and Dr. Jens Günther (employment, Munich).
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