Gerry Cardinale’s Redbird for the purchase of Telegraph newspaper in a 500 million pounds deal

Digest opened free editor

Rola Khaleda, FT editor, chooses her favorite stories in this weekly newsletter.

Redbird Capital Partners has agreed to purchase the Telegraph Media Group group in a 500 million pounds, indicating one of the most long and compensatory sales of a British newspaper in modern history.

Ridberd He said that the deal will make it the only dominant owner, leaving IMI to Abu Dhabi with a minority stake after the British government changed the law to prevent the newspaper from becoming an ownership of a fund paid in the foreign country.

sale Telegraph It was launched two years ago when Lloyds Banking Group got control after unpaid debts from the Barclay family, which has had the Telegraph since 2004.

A deal to buy the Telegraph Media by Redbird IMI, which had three quarters of its financing from Abu Dhabi, was concluded by about 550 million pounds at that time. It was banned by the previous conservative government. Last week, the UK government confirmed plans to develop the ownership of the foreign state for British national newspapers by 15 percent.

Redbird is still holding talks with a number of UK investors to join a consortium, including DMGT from Lord Rothermere, who owns Daily Mail.

“This deal represents the beginning of a new era for the Telgry while we look forward to the development of the brand in the United Kingdom and internationally, investing in its technology and expanding its subscriber’s base,” said Jerry Cardinal, the founder and administrative partner of Ridberd.

Cardinal said he would work with the UK government and the organizers to complete the acquisition. Financial times first I mentioned the new offer To control the newspaper by Cardinal and the participation of Rothermere.