Barnes & Noble announced on Friday that United Kingdom-based Elliott Advisors has bought the company for $6.50 per share or, roughly, $683 million. This also includes any debt that Barnes & Noble have incurred over the years.
Elliott Advisors has also previously purchased Waterstones, U.K’s largest book chain, back in June 2018. This is important because the CEO of Waterstones, James Daunt, will become the new CEO of Barnes & Noble. He will serve as CEO for both companies but Waterstones and Barnes & Noble will continue to operate independently.
Leonard Riggio, who is currently Barnes & Nobles’ founder and chairman, will step down after the acquisition. There is no word on whether or not he will remain with the company in a new role. Riggio was also the co-founder of GameStop.