Steinway & Sons is being acquired by US private equity firm Kohlberg & Company for $438m (£288m). The 160-year-old world-famous piano manufacturer announced the deal on Monday, which amounted to $35 per share of the company – 15 per cent more than the stock’s closing price on Friday.

‘Our agreement with Kohlberg represents an exceptional valuation for our shareholders,’ said Michael Sweeney, chairman and interim chief executive. ‘We are delighted that they recognise the bright future for Steinway as well as value our great heritage.’

Kohlberg partner Christopher Anderson said the firm would help Steinway expand globally, ‘while ensuring the artisanal manufacturing processes that make the company's products unique are preserved, celebrated and treasured’.

Founded in 1853 in lower Manhattan by Henry E Steinway and his three sons, the company had expanded to become the world’s largest piano manufacturer by 1860. It currently has manufacturing facilities in Astoria, Queens and Hamburg, Germany.

Last week Steinway also completed the $46.3m sale of its Steinway Hall building on 57th Street in Manhattan.