Owner of UK book chain to buy B&N

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Owner of UK book chain to buy B&N

Jun 07 2019

Elliott Management, the U.S. private equity company whose U.K. arm, Elliott Advisors, bought Waterstones last year, is buying Barnes & Noble, B&N announced this morning. Elliott is paying $6.50 a share--well above recent levels--in an all-cash transaction that places the company's value at $683 million.

The companies will be operated separately, but in a very positive move for the long-struggling chain, Waterstones CEO James Daunt, who led the turnaround of Waterstones, will be made CEO of B&N and be based in New York City. The companies said that under this arrangement, B&N and Waterstones will "benefit from the sharing of best practice between the companies.

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