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New York Sun owner Dovid Efune is closing in on a deal to buy the Telegraph for more than £550mn, which would end a 16-month battle for control of the conservative British national newspaper.
In a deal expected to be agreed next week, Efune is set to enter exclusive talks with RedBird IMI to become the new Telegraph proprietor, according to three people close to the discussions.
Talks between the two sides were at an advanced stage this weekend although they cautioned that these have yet to be finalised, they said.
The decision by RedBird IMI to progress talks with Efune on an exclusive basis would see off competition for the newspaper from David Montgomery’s National World, hedge fund boss Paul Marshall and former UK chancellor Nadhim Zahawi.
Efune has offered more money for the newspaper than other parties such as National World, according to those close to the sales process.
The sale would be a success for RedBird IMI, which was blocked from completing the deal to acquire the Telegraph after politicians raised concerns about a national newspaper being partly owned by a group backed by Abu Dhabi.