Elliott Investment Management Considers Stock Market Listing for Waterstones and Barnes & Noble
Elliott Investment Management, owner of the bookselling chains Waterstones and Barnes & Noble, is preparing to potentially list the businesses on the stock market via an initial public offering (IPO). The firm acquired Waterstones in 2018 from Alexander Mamut and Barnes & Noble in 2019 for $683 million (£510 million). Discussions with advisers have been reported by the Financial Times.
London is considered the preferred location for the listing over New York, which could provide a boost to the UK stock market. However, no final decision has been made, and plans remain subject to change. An IPO is unlikely before the summer, particularly given the financial year ends in April. Bankers might be appointed early next year to facilitate the process.
Waterstones and Barnes & Noble together operate over 600 stores in the United States and more than 300 in the United Kingdom. James Daunt remains CEO of both chains and has led Waterstones since 2011, overseeing expansion through acquisitions such as Foyles, Hatchards, and Blackwell's.
Elliott Investment Management is known for its activist-style investing and has pursued other UK and retail interests, including a stake in Wasabi, engagement with BP, and a failed bid for Currys.
