Apollo Global Management explores funding for Telegraph takeover

In the United Kingdom, Apollo Global Management, one of the largest investment firms globally, is reportedly in preliminary talks to assist Dovid Efune, the owner of The New York Sun, with a £550 million takeover of The Daily Telegraph. The discussions are particularly notable given that they come just days before a exclusivity period for Efune expires, although it is likely to be extended. Reports suggest that other potential lenders, including Oaktree Capital Management and Hudson Bay Capital, have backed away from the deal, raising questions about Efune's ability to see the acquisition through. Given the scrutiny surrounding this negotiation, it remains uncertain whether the financing will materialize as promised. Efune has enlisted the help of political figures like former Conservative chancellor Nadhim Zahawi and Sir Mohamed Mansour to bolster his bid, and both investors are anticipated to inject significant funds into the acquisition if it progresses. Meanwhile, the structure of the deal raises uncertainties about the ultimate valuation, which could be capped at around £575 million, with a minority financed through debt. Ultimately, if Efune's bid succeeds, he could gain a foothold in one of the UK's prominent media outlets, resulting in substantial influence over the British press landscape.