Waterstones owner buys US chain Barnes & Noble
James Daunt will be chief of both chains after deal hailed as boost for real-world bookshops
The hedge fund owner of the UK’s largest book chain, Waterstones, has bought Barnes & Noble, the biggest chain in the US, in a $683m (£537m) deal heralded as a boost in their battle to preserve real-world bookshops.
The UK arm of the $35bn Elliott Management hedge fund plans to install James Daunt, the Waterstones boss, in New York as chief executive of both chains, with the two brands retained and operated separately.
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