London: The UK government Tuesday gave the green light for German media group Axel Springer to buy British newspaper The Telegraph, ending a drawn-out pursuit of the 170-year-old title.
The Labour government's Culture Secretary Lisa Nandy said in a statement that she is "not minded to intervene in this merger" over competition and foreign-ownership concerns.
Axel, which owns German newspapers Bild and Welt as well as the Politico news outlet, last month announced it would pay £575 million ($661 million) in cash for The Telegraph's print and online versions.
That came after the UK government in February launched an investigation into an agreed sale of The Telegraph to the owner of the Daily Mail, a rival British right-wing publication, citing competition concerns.
That probe has been made redundant by the government's approval of the German takeover.
"After a long period of uncertainty, we can confirm that we will invest significantly in The Telegraph's editorial excellence and international growth," Axel Springer chief executive Mathias Dopfner said in a statement Tuesday.
"The Telegraph will join a global network committed to independent reporting while retaining its distinct editorial voice and British identity."
An international pursuit of The Telegraph stretches back almost three years.
RedBird IMI, a joint venture between US investment firm RedBird Capital and Abu Dhabi's International Media Investments, had struck a deal for the title in late 2023.
However, the previous UK government triggered a swift resale over freedom-of-speech concerns.
Amid the takeover saga, the previous UK Conservative government also amended merger laws to bar foreign states from controlling British newspapers.
