US investment Firm RedBird to buy UK’s Daily Telegraph newspaper | Business and Economy

Abu Dhabi’s IMI will take a minority stake in the company of no more than 15 percent.

A consortium led by US investment firm RedBird Capital Partners has agreed to buy the publisher of the United Kingdom’s 170-year-old Daily Telegraph newspaper for about $674m (500 million pounds).

Redbird said it has reached an agreement in principle to become controlling owner of the Telegraph Media Group, ending a lengthy takeover saga for the conservative-leaning newspaper on Friday.

Gerry Cardinale,…