Daily Mail Owner Reaches £500 Million Deal to Buy Telegraph

Daily Mail & General Trust Plc has signed an agreement to acquire the Telegraph Media Group at a £500 million ($655 million) valuation, days after the US private equity firm RedBird Capital Partners withdrew its offer to buy the right-leaning media organization.

The parties have entered a period of exclusivity to finalize terms and prepare regulatory submissions, which they expect to “happen quickly,” DMGT said in a statement on Saturday. The deal, with RedBird IMI, will be submitted shortly to the UK Secretary of State, the PE firm said.