With $27.7M deal, Barnes & Noble regains full ownership of Nook business before planned split

Associated Press

Bookseller Barnes & Noble says it has bought back full ownership of its Nook e-reader business, which it plans to split into a separate company.

Barnes & Noble said it bought Pearson Inc.'s stake in Nook for about $27.7 million in cash and stock. The deal closed Monday.

Continue Reading Below

Pearson is a publisher of educational books.

Barnes & Noble is struggling against tough competition from online retailers like Amazon and discount stores like Wal-Mart. It said in June that it would split off the Nook business, which is losing money. The move is intended to boost shareholder value. The New York company hopes to complete the separation by the end of August.

Barnes & Noble Inc. shares rose 23 cents to $23.35 in morning trading.