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Elliott Management, owner of book retailer Waterstones, has announced the acquisition of US book retailer Barnes and Noble for $683m (£538m).
James Daunt, CEO of Waterstones, will take the role of CEO of Barnes and Noble following the completion of the transaction and will be based in New York.
Barnes and Noble serves 627 different communities across all 50 states, where it remains the number one bookseller in the United States.
Leonard Riggio, founder and chairman of Barnes and Noble, said: “We are pleased to have reached this agreement with Elliott, the owner of Waterstones, a bookseller I have admired over the years. In view of the success they have had in the bookselling marketplace, I believe they are uniquely suited to improve and grow our company for many years ahead.
“I am also confident that James Daunt has the leadership ability and experience necessary to lead this great organisation. I will do everything I can to help him make the transition smooth.”
Daunt added: “I look forward greatly to working with the booksellers at Barnes and Noble. Physical bookstores the world over face fearsome challenges from online and digital. We meet these with investment and with all the more confidence for being able to draw on the unrivalled bookselling skills of these two great companies.
“As a place in which to choose a book, and for the sheer pleasure of visiting, we know that a good bookstore has no equal. I thank Mr. Riggio for his confidence, and I am grateful to Elliott for their commitment to support the continued transformation at Waterstones, and now also the same at Barnes and Noble.”
The acquisition is expected to close in Q3 of this year, and follows Elliott’s purchase of Waterstones in June 2018.
