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The Guardian - UK

Business

Jane Croft

UNCOVERED: Telegraph up for sale as redbird imi walks away after uk backlash - Caught on Camera

RedBird IMI IMI Spectator United Kingdom Barclay Lucy Frazer UAE Very Group

Daily Telegraph newspaper — RedBird IMI effectively took control of the Telegraph newspapers and the Spectator magazine in December. Photograph: Andy Rain/EPA

The United Arab Emirates-backed consortium that proposed a £600m takeover of the Telegraph group is walking away after it said new legislation meant the acquisition was “no longer feasible”, triggering a fresh auction of the newspaper group.

The decision by RedBird IMI – a partnership backed by Sheikh Mansour bin Zayed al-Nahyan, the UAE’s vice-president, and the US investment firm RedBird Capital Partners – puts the newspaper group back up for sale, with several high-profile suitors expected to bid.

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