British newspaper The Times said that under the deal, which is expected to be signed next month, Lebedev would pay a symbolic 1 pound fee ($1.39) for the paper.
In a statement, the chairman of Daily Mail & General Trust, Lord Rothermere, said the company would retain a 24.9% stake in the paper and "will continue to provide a range of support services to the paper but will not have a seat on the board or any involvement in its editorial policy."
The Russian tycoon's press secretary confirmed the purchase by Evening Press Ltd, a company formed by Lebedev and his son Yevgeny. "Yes. Alexander Lebedev has acquired a controlling stake," Artem Artemov said, adding that a press conference on the deal was due to be held in Moscow on Thursday.
The 49-year-old former-KGB colonel holds a 30% share in Russia's Aeroflot and along with former Soviet president Mikhail Gorbachev owns a 49% stake in Novaya Gazeta. "The Lebedev family is delighted to be investing in the Evening Standard," he said in a statement.
The purchase has caused controversy in Britain over the Russian oligarch's background in the KGB, but in his statement Lebedev tried to reassure critics.
"We are strong supporters of a free and independent press and we greatly admire the Evening Standard as an iconic publication with its pedigree of fine journalism and commentary," the statement read.
The Evening Standard is a regional tabloid published in London with around 287,000 daily readers in southeast England. Having seen readership eroded by free competitors, the paper is reported to be running losses of around 10 million British pounds ($1.39 million) per year.
