Daily Mail owner strikes £500m deal to buy Telegraph titles

Acquisition likely to trigger in-depth investigation by regulator after agreement between DMGT and Redbird IMI

The owner of the Daily Mail has struck a 500m deal to buy the Telegraph titles, in a move that will create a right-leaning publishing powerhouse.

Lord Rothermere's Daily Mail & General Trust (DMGT) has entered a period of exclusivity with RedBird IMI, which has been seeking a buyer since being forced to put the papers up for sale last spring, to complete the terms of the transaction.