UAE’s RedBird IMI hopes for speedy sale of The Telegraph

Thomas Krych/Alamy via Reuters Connect

• Seven bids for Telegraph and Spectator
• Former chancellor leads consortium
• Sale expected by end of summer

Nadhim Zahawi, the former chancellor of the UK, is fronting one of seven bids to buy the Daily Telegraph newspaper and The Spectator magazine, which is owned by RedBird IMI, a US investment group backed by Abu Dhabi’s International Media Investments.

The deadline for the first round of bidding was completed on Friday, although more offers are expected and it is hoped a sale can be completed towards the end of the summer, according to a source who wished to remain anonymous.

Iraq-born Zahawi, who stood down as a member of the UK parliament at the most recent election, is reportedly putting together a consortium of investors for a £600 million ($776 million) bid for the daily newspaper, its Sunday edition and The Spectator.

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Other interested parties include Belgian media group Mediahuis, News UK, which is owned by Rupert Murdoch, and UK-listed National World, as well as Conservative peer Lord Maurice Saatchi and hedge fund boss Sir Paul Marshall, according to a report by the Financial Times.

RedBird IMI backed out of plans to acquire the Telegraph Media Group in May, after the UK government blocked the deal, passing legislation that prevented foreign governments from owning British newspapers and news magazines.

• UAE’s RedBird IMI acquires UK TV producer for $1.5bn
• UAE’s RedBird pulls out of Telegraph acquisition
• Abu Dhabi-backed venture buys UK TV production giant 

Zahawi, who was a guest of the UAE at last year’s Cop28 summit, and George Osborne, another former UK chancellor, were advisers to RedBird IMI.

The company last year repaid the debts held by The Telegraph’s owners, the Barclay family, including a £600 million loan, which effectively gave it control of the Telegraph newspaper titles and The Spectator magazine.