Barnes & Noble Sale Complete
On August 7, 2019, Barnes & Noble announced the closing of their deal to be acquired by Elliott Advisors Limited, which also acquired UK bookselling chain Waterstones in 2018. Each chain will operate independently, though Waterstones head James Daunt will serve as CEO of both companies, and plans to relocate from London to New York. Daunt says,
This is a very good day for bookselling. Barnes & Noble is the greatest of all bookstore names and will now benefit from the support of an owner committed to physical bookselling. With investment and concentration on the core principles of good bookselling, the prospects for this extraordinary company are bright. I look forward very much to working with the booksellers at Barnes & Noble, being already indebted to [B&N founder] Len Riggio for his wisdom and grateful for the welcome and professionalism of the executive team during the acquisition process.
As previously announced, the all-cash transaction is valued at around $683 million – $6.50 a share, plus the assumption of B&N’s debt. The company is now a “privately held, indirect wholly-owned subsidiary of Elliott,” and will no longer be publicly traded on the New York Stock Exchange.
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