Steinway Musical Instruments Inc. has acquired ArkivMusic LLC, an online retailer of classical music recordings.
The famed piano maker will pay $3 million in cash at closing and three annual payments of approximately $500,000. The transaction involves additional potential consideration based on ArkivMusic’s results over the next three years, according to Steinway.
ArkivMusic (www.arkivmusic.com <http://www.arkivmusic.com>), based in Bryn Mawr, PA, will continue to operate independently as a wholly owned subsidiary of Steinway.
“We are extremely excited to join forces with Steinway. We believe the reach and resources of Steinway which can help us achieve our global growth strategy,” said Eric Feidner, ArkivMusic’s president, in a statement.
ArkivMusic offers more than 90,000 titles which it ships from 20 distribution centers. It also markets through a paper catalog.
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