NEW YORK (AFP) ― Steinway, which has built the pianos used by some of the world’s greatest classical musicians for more than 160 years, on Monday said it was being taken private in a $438 million deal with private equity group Kohlberg & Co.

New York-based Steinway Musical Instruments, Inc., which owns the iconic Steinway & Sons piano brand, said Kohlberg will offer to acquire all the outstanding shares of the company for $35 a share, a premium of 33 percent from the average closing price of the firm’s shares over the last 90 days.

Steinway said the deal would help it build its global business without diminishing the legendary quality of its pianos, renowned for their sound and touch.

“For over 160 years, Steinway’s skilled manufacturing artisans have been crafting the world’s finest musical instruments,” said Kohlberg partner Christopher Anderson in a statement.

Steinway pianos, under the original Steinway & Sons name, are built in New York and Hamburg, Germany.

They have been used by some of the world’s greatest musicians, including Arthur Rubinstein, Ignacy Paderewski, and Vladimir Horowitz, and are played by current luminaries Evgeny Kissin, Mitsuko Uchida and Lang Lang.

Steinway Musical Instruments, Inc. also controls a number of popular brands for other orchestra and band instruments, including Conn, Selmer, Leblanc, King and Yanagisawa.