{"id":91529,"date":"2024-05-01T00:00:00","date_gmt":"2024-05-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/redbird-imi-to-auction-off-telegraph-and-spectator-rights-amid-uk-government-opposition\/"},"modified":"2024-05-01T00:00:00","modified_gmt":"2024-05-01T00:00:00","slug":"redbird-imi-to-auction-off-telegraph-and-spectator-rights-amid-uk-government-opposition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/01\/redbird-imi-to-auction-off-telegraph-and-spectator-rights-amid-uk-government-opposition\/","title":{"rendered":"RedBird IMI to auction off Telegraph and Spectator rights amid UK government opposition"},"content":{"rendered":"

Abu Dhabi-backed RedBird IMI is formally withdrawing its bid to acquire British <\/strong>papers, the Telegraph and Spectator,<\/strong> following months of opposition from the UK government<\/a>, Bloomberg<\/a> reports. The company kicked off the auction yesterday, with several buyers already signaling interest, the business information service said, citing a statement.<\/p>\n

Spectator Editor Fraser Nelson wants the sale to wrap up fast: <\/strong>Nelson, a critic of the RedBird takeover, said in an X post that the publications being \u201cin limbo\u201d has a \u201creal cost,\u201d and called for the sale to wrap in the summer. <\/p>\n

Their loss?<\/strong> RedBird IMI, a JV between UAE Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan's International Media Investments<\/a> and RedBird Capital Partners<\/a>, said their ownership would have been advantageous for the newspapers and their audience. \u201cOur ownership would have seen the strongest editorial protections ever put forward for a UK newspaper, along with much-needed investment,\u201d it said in the statement. <\/p>\n

Background: <\/strong>The Sunak government pledged to block \u201cforeign states and their officials\u201d from purchasing UK print news media, with the details still being drawn up. The JV has tapped Raine Group to oversee the sale process and was said to be considering various options, including converting its call option into shares with the British Department for Culture, Media, and Sport. Selling the Spectator independently could fetch over GBP 100 mn.<\/p>\n

Still some hope left? <\/strong>If the Labour Party \u2014 which is currently leading in opinion polls \u2014 emerges as victors in the upcoming general election in the UK, a new government will have to decide whether to continue taking a firm stance against involvement from the UAE.<\/p>\n

OTHER M&A NEWS-<\/p>\n

Investcorp expands its tech and financial services portfolio in India: <\/strong>Mubadala-backed global alternative investment firm Investcorp inked an agreement to acquire India\u2019s National Stock Exchange digital technology business, NSEIT, for INR 10 bn (USD 119.8 mn), it said in a statement<\/a>. The Indian company offers digital transformation and cybersecurity services globally, focusing on capital markets, ins., and banking in India, North America, and the Middle East. The acquisition excludes NSEIT\u2019s digital examinations segment.<\/p>\n

ADVISORS-<\/strong> Avendus Capital acted as financial advisor to NSE and NSEIT, while Ernst & Young served as the financial and tax advisor to Investcorp with Anagram Partners acting as the legal counsel.<\/p>\n","protected":false},"excerpt":{"rendered":"

Interested buyers are already in the mix<\/p>\n","protected":false},"author":1,"featured_media":91530,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[335,60,40],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-investcorp","tag-ma-watch","tag-redbird-imi","wpautop","entry"],"acf":{"mongo_id":"f40ccdb9-f78b-4a85-a743-93705a67283a","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/2274.jpg","photo_position":"above","homepage_title":"RedBird IMI to auction off UK publication Telegraph, Spectator","full_issue_title":"RedBird IMI to auction off Telegraph and Spectator rights amid UK government opposition + Mubadala-backed Investcorp acquires Indian stock exchange\u2019s digital arm","related_issue":[91525],"teaser":"Interested buyers are already in the mix","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.fc4682a7-920e-4634-81cd-533c196870af.mp3"},"yoast_head":"\nRedBird IMI to auction off Telegraph and Spectator rights amid UK government opposition - 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