Elliott explores stock market listing for Barnes & Noble and Waterstones

Elliott Management is preparing the ground for a possible stock market listing of Barnes & NobleDealroom has a profile for this one. Try Dealroom → and WaterstonesDealroom has a profile for this one. Try Dealroom →, two of the best-known bookstore chains in the United States and the United Kingdom. According to reporting by the Financial Times , the hedge fund is considering taking the businesses public as early as next year, although no final decision has been made.

The potential listing could take place in London or New York, with London seen as the more likely option. The bookstores generate steady, predictable cash flow, a profile that tends to appeal to UK investors looking for reliable returns rather than fast growth. Elliott is expected to begin talks with investment banks in early 2026 if the plans move forward.

Elliott acquired Waterstones in 2018 and bought Barnes & Noble the following year in an all-cash deal valued at around $683 million. Since then, the fund has overseen a period of stabilization for both chains at a time when many physical retailers have struggled.

Barnes & Noble operates around 600 stores across the U.S., while Waterstones runs more than 290 locations in the UK, Ireland, and parts of Europe. A public listing would mark the next chapter for the two businesses, offering Elliott a potential exit while putting the future of the bookstore chains into the hands of public market investors.

Sources:
Reuters
Financial Times
The Guardian

Image Source:
The Times

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