"Elliott Investment Management, the hedge fund that owns the most popular bookstores in the US and the UK, has spoken to potential advisers about an initial public offering (IPO), the Financial Times reported. The multibillion-pound group is thought to prefer London over New York for the listing, which could be a welcome boost to the UK stock market."
"Barnes & Noble and Waterstones are the two biggest booksellers in the US and the UK respectively. Together they have more than 600 shops in the US, and more than 300 in the UK. Much of the success has been driven by James Daunt, the chief executive of the two booksellers and the owner of his eponymous independent book chain in the UK. He has led Waterstones since 2011, during which time the company has stood its ground against Amazon and snapped up rivals such as Foyles, Hatchards and Blackwells."
Elliott Investment Management has spoken to potential advisers about an initial public offering (IPO) for Waterstones and Barnes & Noble and is thought to prefer a London listing. Initial talks remain under way with no final decision and an IPO is unlikely before the company's financial year ends in April and after the summer at the earliest. Elliott could appoint investment bankers early next year. Barnes & Noble and Waterstones together operate more than 600 US shops and over 300 UK shops. James Daunt, chief executive of both chains, has led Waterstones since 2011 and has overseen acquisitions and resistance to Amazon. Elliott acquired Waterstones in 2018 and bought Barnes & Noble in 2019 for $683m.
Read at www.theguardian.com
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