In an estimated $596 million transaction, Barnes & Noble, Inc. reached an agreement to acquire the privately-held company Barnes & Noble College Booksellers.
The college bookseller runs 624 college bookstores around the country, supplying books to four million students, according to the release. The company was founded in 1965, and owned by B&N Chairman Leonard Riggio.
Riggio explained the rationale behind the purchase in a statement, from the release: “Although both companies previously thrived as separate entities, owing to distinctions in their product offerings, the definition of textbooks and tradebooks has become increasingly blurred. This trend will accelerate with eBook offerings. Thus, combining both businesses on a single branded platform will enable the combined company to cross-promote print and digital offerings to all of our customers.”