The owner of Waterstones has purchased US book chain Barnes & Noble. The deal is said to be worth around $683m (£537m).
The Elliot Management hedge fund has plans to place current Waterstones managing director, James Daunt, in New York as chief executive of both book chains.
The hedge fund firm has said that both companies would benefit under the guidance of Daunt.
Barnes & Noble has more than double the amount of stores of Waterstones, and seven times revenue.
