Waterstone's sold by HMV to Alexander Mamut

Ending months of speculation, HMV has announced that it is to sell Waterstone’s. The book chain has been bought by a A&NN Group, a fund controlled by Russian billionaire Alexander Mamut, for £53 million.

Prior to the deal going through, it had been widely reported that the chain’s founder, Tim Waterstone, was working with Mamut to buy the stores, but there was no mention of his involvement when the sale was announced on 20 May. The deal is expected to be completed by the end of June, with £40 million being paid then, and a further £13 million in October.

James Daunt, of independent booksellers Daunt Books, has been announced as the managing-director, with current MD Dominic Mayers taking a new role within HMV.

‘We are extremely pleased to have reached an agreement to acquire Waterstone’s and its great heritage,’ said Mamut. ‘I believe that our investment and strategy will secure a dynamic future for the UK’s largest bookshop chain and I look forward to working with its booksellers in building on the principle of excellent bookselling which is at the very heart of the business.’