The U-turn follows years of legal wrangling with the Telegraph's former owners, which incited a High Court battle. It ended in an uneasy settlement two years ago.
The court action meant Express Newspapers had the right to acquire control of the plant under a pre-determined pricing formula pending any change of ownership at the Telegraph.
Desmond, who also owns a number of adult TV channels, threatened to invoke a change of control clause forcing the Telegraph's new owners to sell their 50% stake. Express Newspapers itself submitted an offer for the Telegraph, which was rejected for being too low.
In a statement, Desmond said: "In the Barclays, we have found like-minded business people with whom we can work. This will be a strong partnership between two private companies ensuring the long-term success of the plant."
Prior to the sale of the Telegraph Group, relations between Desmond and the Telegraph had soured after a meeting where Desmond launched into a racist anti-German tirade when it appeared the papers might fall to German publisher Axel Springer.
West Ferry will operate as 50-50 joint venture between Express Newspapers and Press Holdings, the Barclays' private publishing vehicle that also owns The Scotsman and The Business and was used to acquire the Telegraph titles from Hollinger International earlier this year.
Last year, West Ferry made profits of £7.7m on sales of £78m. West Ferry holds contracts to print the Express, The Telegraph, The Guardian and the Financial Times.
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