HEDGE FUND BILLIONAIRE BUYS STEINWAY

Aug 15, 2013

By Scott Walker

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Remember the old Remington shaver commercial: “I liked it so much I bought company”?

Well, it now applies to the new owner of the Steinway Piano company. Hedge fund billionaire John A. Paulson is the owner of three Steinway pianos. He’s also now the owner of the company that makes them.

Steinway revealed earlier this week it was about to be purchased by an unidentified hedge fund company. Yesterday, Paulson comfirmed his company had come out on top in a bidding war with a Korean firm. He’s paying $512-million for Steinway.

It’s the first time Paulson has bought a company outright. He says the decision to go all in was simple: he loves the pianos.

By the way, Steinway’s stock ticker symbol is LBV for “Ludwig von Beethoven”.

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