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Barnes & Noble Buys College Chain for $596 Million

Source: Posted By: Mary P...4091 days ago

Barnes & Noble Inc., the largest U.S. bookstore chain, agreed to buy back Barnes & Noble College Booksellers Inc. for $596 million from Leonard Riggio, the retailer’s chairman and founder.

The shares jumped the most in almost 10 months.

The transaction will boost earnings by as much as 35 percent on an annualized basis, the New York-based company said today in a statement. The retailer said it will finance the acquisition with $250 million of seller financing, cash and part of a $1 billion....

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