Daily Mail owner secures funding for £500m takeover of Telegraph

Details of financing structure to be reviewed by culture secretary and regulators before deal can proceed

The owner of the Daily Mail has secured funding for a 500m takeover of the Telegraph, in a crucial development that paves the way for the group to announce the terms of its acquisition on Monday.

Lord Rothermere's Daily Mail and General Trust (DMGT) has agreed to pay the sum in two instalments, according to weekend reports. An initial payment of 400m will be funded by an increase in the group's debt with its longstanding lender NatWest and existing company cash.