John Paulson, the hedge fund billionaire, already owns three Steinway & Sons pianos, together worth tens of thousands of dollars.
But Paulson, in investing parlance, was looking to increase his exposure. On Wednesday, his firm, Paulson & Co., agreed to buy the company that makes the pianos, Steinway Musical Instruments, for $512 million.
The move raised eyebrows both in the world of music and on Wall Street. But Paulson said that the calculation was rather simple — he loves the pianos.
“I’ve always been enamored with the product,” Paulson said in an interview Wednesday.
— From wire reports