It’s not OK for a foreign government to own the British broadsheet, but German publisher Axel Springer has been given the nod to fulfil a long-held ambition to own the London Daily Telegraph.

The owner of mastheads including popular tabloid Bild and heavyweight Die Welt – as well as recent acquisitions Politico and Business Insider – has upped its offer to GBP£575 million (A$1.098 billion).

The offer is likely to provide an alternative for regulators to Daily Mail publisher DMGT on grounds of plurality of view”, as well as the Abu-Dhabi backing of RedBird IMO. In its announcement, the company talks about “compelling benefits” and preserving “the integrity of a heritage media brand” providing it with “an exciting platform for growth and expansion”… things it expects to talk to the UK culture, media and sports ministry about.

Axel Springer chief executive Mathias Dopfner has told again of his company’s ambition to buy the Telegraph 20 years ago, and how it had been Springer’s own inspiration and ‘North Star’.

“Now our dream comes true,” he says. “To be the owner of this institution of quality British journalism is a privilege and a duty. We want to grow the Telegraph, while preserving its distinctive character and legacy, to help it become the most read and intellectually inspiring centre-right media outlet.”

Dopfner says the German publisher – which refers to itself as “transatlantic” – plans technological transformation using the best AI tools, while working “with the editorial teams led by Chris Evans and Allister Heath and the management team led by Anna Jones”.

A spokesman for RedBird IMI said agreement had been reached “following a swift and efficient negotiation”, and that both believed the transaction was fully compliant with the UK’s foreign state influence regime.

Dopfner also acknowledged the “essential support and assistance” of New York Sun publisher Dovid Efune on the transaction.