By: E&P Staff Hollinger International Inc. announced that Telegraph Group Limited would be acquired by Press Acquisitions Limited, which is owned by Hollyrod Holding Limited and controlled by Sir David and Sir Frederick Barclay, after a successful bid of approximately $1.3 billion in cash.
With that comes the ownership of The Daily Telegraph and The Sunday Telegraph based in London. The transaction is scheduled to close on July 30.
"We are delighted to have reached agreement for the purchase of the Telegraph Group, which comprises some of the great titles in newspaper publishing, and to have ended the uncertainty surrounding their future," said Aidan Barclay, chairman of Press Acquisitions, in a statement. "We are looking forward to working with management in running the business."
Those at the Telegraph finally could exhale. "This is the first day of a new life for the staff of the Telegraph Group. ... I would like to congratulate Press Acquisitions Limited on their successful bid," said Jeremy Deedes, deputy chairman and CEO of Telegraph Group, in a statement. "I am confident that we have ended up not just in safe hands, but with new owners who have a great track record for nurturing, developing and investing in their acquisitions. "
As for Hollinger International, interim Chairman and CEO Gordon Paris said in a statement that the sale is the "best opportunity for us to maximize value for our shareholders."
Hollyrod Holdings owns other papers throughout the United Kingdom including The Scotsman, Scotland on Sunday and The Business.
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