German media giant Axel Springer said on Tuesday it has finalized its acquisition of the British Telegraph Media Group.
The German group said the transaction was completed after all required regulatory approvals in the United Kingdom, Ireland and Austria.
It said the acquisition secures "the long-term future of one of Britain's most respected news organizations."
Axel Springer previously said it would pay the Telegraph Media Group's previous owner, RedBird IMI, a total of £575 million ($761 million).
The Berlin-based firm said it intends to expand Telegraph group's operations into the US market, utilizing its Politico and Business Insider brands.
Axel Springer already owns leading media brands in Germany including the Bild and Welt newspapers, and has long been rumoured to be looking for further acquisitions to expand its business.
By buying the Telegraph, the German media company pre-empted a potential sale to the owner of the Daily Mail.
