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DMGT takes NatWest loan to purchase the Telegraph
The Observer
|December 14, 2025
With RedBird Capital set to transfer its right-to-buy option, the ball is in Lisa Nandy's court to greenlight Rothermere's deal, writes Stephen Armstrong
Daily Mail and General Trust has secured £400m to back its bid for the Daily Telegraph. The funding consists of cash, an existing overdraft provision, and a substantial new loan from DMGT's long-term banker, NatWest.
Tomorrow, RedBird Capital will inform Lisa Nandy, the secretary of state for culture, that the US company wants to transfer its right-to-buy option on the venerable daily to DMGT. After a bruising battle, not least with the Telegraph's own staff, RedBird is walking away. Lord Rothermere's company will pay RedBird a further £100m within two years, most likely using a DMGT bond with Deutsche Bank that matures in 2027.
The Telegraph's ownership will not be resolved until Nandy decides whether to trigger a public interest intervention notice (PIIN) to investigate the deal over share of the news and ad market by the resulting company. The acquisition would bring the Daily Telegraph and Sunday Telegraph under the same umbrella as the Daily Mail, Mail on Sunday, Metro, the i paper and New Scientist.
This story is from the December 14, 2025 edition of The Observer.
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