German-owned Axel Springer's £575million takeover of The Telegraph CONFIRMED
Axel Springer has finalised its £575million purchase of the Telegraph, bringing to an end a tumultuous three-year struggle over the future of the renowned British media brand.
The German publishing powerhouse, which owns Politico and Business Insider, confirmed the acquisition of Telegraph Media Group would close on Tuesday.
Regulatory clearance from authorities in the UK, Ireland and Austria paved the way for completion of the deal. British ministers approved the transaction in April.
The takeover concludes an extended period of uncertainty for the Telegraph, which has been without permanent ownership whilst various potential buyers competed for control.
Axel Springer stated the acquisition would enable it to accelerate the Telegraph's "digital transformation", harness artificial intelligence to drive growth, and push further into American markets.
Chief executive Mathias Dopfner described the moment as one the company had long anticipated.
He 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."
Mr Dopfner emphasised that both organisations share deep commitments to freedom, pioneering technological innovation, and an entrepreneurial determination to shape the future.
Chris Evans, the Telegraph's editor-in-chief, expressed optimism about the publication's prospects under its new German owners.
He said: "We believe there are many opportunities to grow the Telegraph both in the UK and overseas."
Mr Evans acknowledged the challenging period the newspaper had endured without stable ownership.
He added: "After three difficult years without owners, we look forward to stoking up the engines and setting forth on a new voyage."
RedBird IMI, majority-owned by Sheikh Mansour bin Zayed Al Nahyan, the UAE's vice-president, initially agreed to purchase both the Telegraph and The Spectator.
However, the then-Conservative government blocked the takeover citing foreign ownership concerns.
The Spectator was subsequently acquired by hedge fund tycoon Sir Paul Marshall's OQS Ventures for £100million.
DMGT, owner of the Daily Mail, then reached an agreement worth approximately £500million, but ministers signalled potential competition concerns given the company's existing newspaper holdings.