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Mon 25 Feb 2019 02:19 PM

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Saudi investor named as mystery buyer of Evening Standard stake

UK reports name Sultan Mohamed Abuljadayel as man behind deal for 30% stake in London newspaper group

Saudi investor named as mystery buyer of Evening Standard stake
The free London newspaper is edited by former UK chancellor George Osborne, and is majority owned by Lebedev Holdings.

The mystery buyer of a stake in the parent group of London newspaper, the Evening Standard, has been named as Saudi investor Sultan Mohamed Abuljadayel.

UK media reports, citing people with knowledge of the deal, said Abuljadayel has bought a stake of 30 percent for about £25 million.

The free London newspaper is edited by former UK chancellor George Osborne, and is majority owned by Lebedev Holdings, the corporate vehicle of Evgeny Lebedev.

Reports added that Abuljadayel two years ago bought a similarly sized stake in the Independent, a digital-only title that was acquired by Lebedev’s father, Alexander.

Abuljadayel is reportedly associated with NCB Capital, the investment banking arm of Saudi Arabia’s National Commercial Bank.

The purchase of the stake is the latest push into western media by a Saudi investor. In 2015, NCB Capital acquired a controlling stake in the Saudi Research and Marketing Group, a publisher with links to King Salman’s family.