Minnesota Timberwolves owner and printing company billionaire Glen Taylor has signed a letter of intent to buy the Minneapolis Star Tribune, the newspaper announced Tuesday.

Details of the cash offer weren’t announced, and Taylor wouldn’t elaborate in an interview with The Associated Press. He said he expected the deal to close in May following due diligence.

“I think it’s going to be a good business decision and also because it’s a Minnesota type of asset,” Taylor said. “I just think it’s something we can do very well in the state and get it back to private ownership and I think the challenge of it is something that just excites me.”

The sale would put Minnesota’s largest newspaper in the hands of one of the state’s richest men.

– Associated Press