UK clears Axel Springer takeover of Telegraph newspaper group

LONDON, Oct 16 (Reuters) - Britain's culture minister Lisa Nandy said on Friday she would not refer Axel Springer's planned purchase of the Telegraph Media Group to a more detailed competition investigation, ⁠clearing the way for the deal to proceed.

Nandy said the Public Interest Intervention Notice, known as PIIN, issued in January 2024, along with the related public interest ⁠merger reference order, had ceased to be in force as a result of her ⁠decision.

"I will not be referring this matter to a more in-depth 'Phase ⁠2' investigation by the Competition and Markets ⁠Authority," she said in a written statement.

Reporting by Sam Tabahriti; editing by Sarah Young