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Barnes & Noble Inc. (BKS) surged in New York after saying that Microsoft Corp. (MSFT) will invest $300 million in a new subsidiary that combines the bookseller’s Nook digital reader and college businesses.
The shares almost doubled to $27.20 at 8:24 a.m. Barnes & Noble had declined 5.5 percent this year before today.
The investment will give Microsoft about 18 percent of the unit, which has yet to be named, New York-based Barnes & Noble said today in a statement. The bookseller will own the remainder of the business, which has a valuation of $1.7 billion.