Elliott Completes Purchase of B&N

In announcing the completion of the deal, Elliot said that Daunt, while continuing to serve as Waterstones CEO, will relocate from London to New York. Daunt has acknowledged that he will face a learning curving on how the American bookselling business works.

In a prepared statement, Daunt said: "This is a very good day for bookselling. Barnes & Noble is the greatest of all bookstore names and will now benefit from the support of an owner committed to physical bookselling. With investment and concentration on the core principles of good bookselling, the prospects for this extraordinary company are bright. I look forward very much to working with the booksellers at Barnes & Noble."