Abu Dhabi-Backed Investors Closing in on Telegraph and Spectator Magazine Takeover Deal
A potential deal for Abu Dhabi-backed investors to acquire The Telegraph and Spectator magazine is imminent, set to be finalized as early as Friday.
The titles came under Lloyds Bank’s control as part of the effort to recover £1.1bn owed by the former owners, the Barclay family. In a recent agreement, an Abu Dhabi-backed firm committed to paying the outstanding sum and assuming control of the publications.
While the scrutiny of the deal’s terms remains uncertain, sources indicate it is unlikely to face obstruction. Under the deal, the Barclay family is expected to transfer ownership to IMI Redbird, an investment group supported by the ruling family of the United Arab Emirates (UAE).
The impending transfer is expected to undergo government inspection, with Culture Secretary Lucy Frazer expressing a readiness to issue a Public Interest Intervention Notice (PIIN).
Concerns have been voiced by figures such as former Telegraph editor Charles Moore and senior Conservative politicians about influential Tory-friendly titles falling under the ultimate ownership of a foreign state.
The deal, valuing the publications at approximately £600 million, could effectively conclude an auction process initiated by Lloyds to reclaim debts.
Source: BBC
