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Elliott Advisors closes acquisition of Barnes & Noble

Funds advised by Elliott Management Corp. unit Elliott Advisors (UK) Ltd. have successfully completed the acquisition of Barnes & Noble Inc., according to an Aug. 7 release.

In June, Elliott Advisors agreed to buy Barnes & Noble in a deal worth about $683 million, including the assumption of debt.

Approximately 82.15% of Barnes & Noble shares were tendered before the tender offer expired on Aug. 6.

The bookseller is now a privately held, indirect wholly owned subsidiary of Elliott Advisors, which also owns British book retailer Waterstones.

New York-based Barnes & Noble will continue to operate independently like Waterstones. James Daunt will serve as CEO of both companies.

Evercore acted as financial adviser to the special committee of Barnes & Noble while Baker Botts LLP was the legal adviser. Guggenheim Securities LLC was the financial adviser to the company's board of directors while Paul, Weiss, Rifkind, Wharton & Garrison LLP was the legal adviser.

Credit Suisse Securities LLC served as financial adviser to Elliott Advisors while Debevoise & Plimpton LLP acted as legal adviser.