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New York Sun owner Dovid Efune is nearing a deal to buy the Telegraph for more than £550 million, which would end a 16-month battle for control of Britain’s conservative national newspaper.
In a deal expected to be agreed next week, Efune will enter exclusive talks with RedBird IMI to become the new Telegraph owner, according to three people close to the talks.
Talks between the two sides were at an advanced stage this weekend, although they warned they still need to be concluded, they said.
RedBird IMI’s decision to continue talks with Efune on an exclusive basis would remove competition for the newspaper from David Montgomery’s National World, hedge fund boss Paul Marshall and former British Chancellor Nadhim Zahawi.
Efune has offered more money for the newspaper than other parties such as National World, according to those close to the sale process.
The sale would be a success for RedBird IMI, which was unable to complete its deal to acquire the Telegraph after politicians raised concerns about a national newspaper being part-owned by a group backed by Abu Dhabi.
