German media group in $767m deal to buy publisher of Daily Telegraph

German news and media giant Axel Springer announced a deal on Friday to buy the publisher of the UK’s Daily Telegraph newspaper in a deal worth £575 million ($767 million).

The aim of the deal, according to Axel Springer, is to help the paper become "the most read and intellectually inspiring center-right media outlet in the English-speaking world."

"To be the owner of this institution of quality British journalism is a privilege and a duty," said Axel Springer boss Mathias Döpfner.

The move comes after several years of uncertainty about the ownership of the politically influential British newspaper.

Axel Springer is one of Europe's most powerful media conglomerates and owns titles including the popular Bild tabloid and Welt newspaper in Germany, as well as US-based Business Insider and Politico.

According to Springer, the purchase opens up opportunities for both parties and gives Springer a basis for expansion into new markets.

"The Telegraph stands for freedom, personal responsibility, democratic values and a belief in open societies and market economies. These convictions closely align with our Axel Springer essential values,” Döpfner said.

He stressed that editorial independence was "sacrosanct" and that he saw "massive growth potential" for the Telegraph Media Group.

He noted that Axel Springer had failed to acquire the broadsheet over 20 years ago.

The Telegrah's owner, US-Emirati investment group RedBird IMI, said in a statement that "Axel Springer is well placed to take the Telegraph forward into its next chapter. Our team is now working closely with the UK Government to obtain the necessary approvals to finalize this transaction.”

For some time now, the German group has been rumoured to be on the lookout for acquisitions to expand its business.

By buying the Telegraph, the German media company has pre-empted a potential sale to the owner of the Daily Mail.