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23/06/2004
Barclay brothers win race for the Telegraph
The billionaire Barclay brothers are the new owners of the Daily Telegraph and associated titles in a deal worth £665 million, it has been revealed.
Hollinger International announced yesterday that Sir David and Sir Frederick Barclay's holding company, Press Acquisitions Limited, had agreed to acquire the Telegraph Group Limited for a purchase price of £729.5 million in cash.
The purchase price includes cash on the balance sheet of Telegraph Group of approximately £64.5 million – translating to a bottom-line figure of £665 million. The transaction is expected to be finalised on July 30.
The deal will see the Barclays – who also own London's Ritz hotel – add The Daily Telegraph, The Sunday Telegraph and The Spectator magazine to its stable of newspapers, which includes the Scotsman and The Business.
Jeremy Deedes, Deputy Chairman and Chief Executive Officer of Telegraph Group Limited, said that the newspapers would now have "new life" after "months of uncertainty". He also said that he expected the Barclays to invest in the titles.
"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,” he added.
Gordon Paris, interim Chairman and CEO of Hollinger International, said that The Daily Telegraph, The Sunday Telegraph and The Spectator would be in "good hands, with people who understand the business and will further enhance these great properties”.
Aidan Barclay, Chairman of Press Acquisitions Limited, said he was "delighted" to have acquired "some of the great titles in newspaper publishing".
However, there is a possibility that the deal may be scuppered by Hollinger International's former chairman, Lord Black of Crossharbour.
Tory peer Conrad Black was removed from the Hollinger International board last November over a financial dispute which is now in the hands of the US courts.
Amid this legal wrangling, Lord Black is a majority shareholder controlling 72.3% of available votes – so he may stand in the way of the deal if it is put to the shareholders.
(gmcg)
Hollinger International announced yesterday that Sir David and Sir Frederick Barclay's holding company, Press Acquisitions Limited, had agreed to acquire the Telegraph Group Limited for a purchase price of £729.5 million in cash.
The purchase price includes cash on the balance sheet of Telegraph Group of approximately £64.5 million – translating to a bottom-line figure of £665 million. The transaction is expected to be finalised on July 30.
The deal will see the Barclays – who also own London's Ritz hotel – add The Daily Telegraph, The Sunday Telegraph and The Spectator magazine to its stable of newspapers, which includes the Scotsman and The Business.
Jeremy Deedes, Deputy Chairman and Chief Executive Officer of Telegraph Group Limited, said that the newspapers would now have "new life" after "months of uncertainty". He also said that he expected the Barclays to invest in the titles.
"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,” he added.
Gordon Paris, interim Chairman and CEO of Hollinger International, said that The Daily Telegraph, The Sunday Telegraph and The Spectator would be in "good hands, with people who understand the business and will further enhance these great properties”.
Aidan Barclay, Chairman of Press Acquisitions Limited, said he was "delighted" to have acquired "some of the great titles in newspaper publishing".
However, there is a possibility that the deal may be scuppered by Hollinger International's former chairman, Lord Black of Crossharbour.
Tory peer Conrad Black was removed from the Hollinger International board last November over a financial dispute which is now in the hands of the US courts.
Amid this legal wrangling, Lord Black is a majority shareholder controlling 72.3% of available votes – so he may stand in the way of the deal if it is put to the shareholders.
(gmcg)
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