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BRIEF-Barnes & noble education acquires mbs for $174.2 million

Feb 28 (Reuters) - Barnes & Noble Education Inc

* Barnes & Noble Education Inc - announced that it has acquired MBS Textbook Exchange, LLC

* Barnes & Noble Education acquires MBS for $174.2 million

* Barnes & Noble Education - together, MBS and BNED will operate over 1,490 physical and virtual bookstores and serve more than 6 million students

* Barnes & Noble Education Inc says transaction is expected to be accretive to EBITDA, net income and cash flow in fiscal 2018

* Barnes & Noble Education - together, MBS and BNED will operate over 1,490 physical and virtual bookstores and serve more than 6 million students enrolled in higher education institutions

* Barnes & Noble Education Inc - board of directors established a special committee of board to evaluate MBS acquisition opportunity

* Barnes & Noble Education Inc - both special committee and full BNED board of directors approved transaction unanimously

* Barnes & Noble Education Inc - co’s special committee retained independent financial and legal advisors

* Barnes & Noble Education - amended its credit facility to add $100 million seasonal provision, increasing maximum availability under facility to $500 million

* Barnes & Noble Education Inc says borrowed approximately $55 million under facility to fund acquisition

* Barnes & Noble Education Inc - David Henderson has been named president of MBS

* Bned expects to adjust tax basis of MBS’s assets to their fair market values

* Barnes & Noble Education Inc says expects borrowings under facility to vary from $0 to $250 million

* Barnes & Noble Education Inc - Bob Pugh, CEO of MBS, and Dan Schuppan, president of MBS, have announced their plans to retire as of March 31, 2017

* Barnes & Noble-concurrent with signing of deal,amended credit facility to add $100 million seasonal provision, increasing availability under facility to $500 million

* Barnes & Noble Education Inc - Guggenheim Securities served as financial advisor to BNED Source text for Eikon: Further company coverage:

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