German media giant Axel Springer is to complete its £575 million takeover of the Telegraph.
The Telegraph will come under new ownership after a turbulent three years attempting to secure a long-term future for the brand.
Politico and Business Insider owner Axel Springer said it will close the acquisition of the Telegraph Media Group on Tuesday.
It will complete after the new owners received all required regulatory approvals in the UK, Ireland and Austria.
In the UK, the Government gave the deal the thumbs up in April.
Axel Springer said the completion of the deal will allow it to accelerate the “digital transformation” of the Telegraph, utilise AI for growth, and to expand further into the US market.
Chris Evans, editor-in-chief of the Telegraph, said: “We believe there are many opportunities to grow the Telegraph both in the UK and overseas.
“After three difficult years without owners, we look forward to stoking up the engines and setting forth on a new voyage.”
Axel Springer chief executive Mathias Dopfner said: “Today is a day we have worked towards for a long time, and one we will always remember.
“Axel Springer was founded in 1946 under a British press licence, and the Telegraph was our North Star.
“Axel Springer and the Telegraph share strong commitments to freedom, values, a tradition of embracing and pioneering technological change, and an entrepreneurial will to actively shape the future.”
The deal will bring a three-year battle for control of the Telegraph to a conclusion.
Abu Dhabi-backed RedBird IMI is selling the Telegraph business after its own takeover move was blocked by the then-Tory government over foreign ownership concerns.
RedBird IMI, which was partly backed by US firm RedBird Capital but majority-owned by Sheikh Mansour bin Zayed Al Nahyan – vice-president of the United Arab Emirates – originally agreed to buy the media firm and fellow title The Spectator in 2023.
The Spectator has since been sold to hedge fund tycoon Sir Paul Marshall’s OQS Ventures business for £100 million.
Lengthy talks were then held to find a new suitor after RedBird IMI was forced to sell, with New York Sun publisher Dovid Efune in exclusive discussions to take control.
These collapsed before DMGT struck a roughly £500 million agreement with RedBird IMI.
The Government indicated a takeover by the Daily Mail owner would face scrutiny due to potential competition concerns related to its ownership of a significant share of the UK newspaper market, before Axel Springer agreed its takeover deal.
