The deal announced earlier this month for Hachette Book Group to buy Perseus Books, and then to sell the Perseus distribution business to Ingram (reported on here) has fallen through.
Perseus CEO David Steinberger told employees: “The planned transaction involving our company, Hachette, and Ingram is not moving forward. Despite much effort from all three parties, we could not reach agreement on everything necessary to close the transaction.”
A statement from Hachette agreed that “despite great effort from all three parties, we could not reach agreement on all of the issues necessary to close the transaction.”
The deal was originally supposed to close at the beginning of August, but in late July that closing date was postponed until the end of August when the parties realized the deal was more complex than they’d anticipated.
Perseus is expected to continue doing business as before, with no stated plans to seek another buyer. Steinberger says, “When you are a successful business, you attract suitors. We’re focused on building the business.”