Ann Arbor, Mich., Borders Group Inc. on Friday said it has agreed to sell its United Kingdom and Ireland subsidiaries to private-equity firm Risk Capital Partners for up to about $40 million.
Borders said the purchase price includes a cash payment of about $20 million plus a payment of up to about $20 million that is contingent on the future performance of the business.
The sale includes 41 Borders superstores in the U.K. and a Borders superstore in Ireland, as well as all 28 Books etc. stores in the U.K.
In March, Borders said it was exploring strategic alternatives for most of its international unit, including its United Kingdom and Ireland operations.