Gerry Cardinale’s RedBird to buy Telegraph newspaper in £500mn deal

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The Redbird Capital Partners have agreed to buy the telegraph media group on a $ 500 million agreement with the completion of one of the most prolonged and tortured sales of a British newspaper in recent history.

Redbird It has been said that this agreement will make it the only regulatory owner, the British government will keep Abu Dhabi’s IMI in a minority partnership after the British government has changed the law after changing the law from the ownership of foreign state-backed funds.

Sale Telegraph The Lloyds banking group started two years ago after the unpaid debt from the Berkele family owned by the telegraph from the 21st.

Redbard had a contract to buy Telegraph Media Group by IMI, where his fund from Abu Dhabi was three-fourths, when it was about $ 550 million The former conservative government is blockedThe Last week, the UK government confirmed the plans to determine the foreign state ownership of British national newspapers in 15 percent.

Redbird is still in talks to attend a consortium with the Daily Mail owner Lord Rothhermeir, with several UK -based investors.

Redbard founder and managing partner Gerry Cardinale says: “This transaction has been identified as a new era for the telegraph because we want to increase the brand in the UK and invest in its technology internationally and extend its customer base.”

Cardinale said he would work with the UK government and controllers to complete the acquisition process. First of the Financial Times Report the new bid Cardinel to control the newspaper and take the involvement of the chariot.