Archant secure IN&M’s UK regionals

Independent News and Media has sold 23 of its London regional newspaper operations to Archant Regional Limited for £62.0m (€88.7m).

Britain's competition authority had earlier blocked the sale of some of its titles to Newsquest.

IN&M has received £52m (€74.4m) of the total consideration today and said that the deal represented "more favourable terms" than the earlier proposed sale to Newsquest.

According to IN&M (UK) chief executive, Ivan Fallon : "Since October, when the Department of Trade and Industry made its decision in relation to the original proposed Newsquest deal, a number of suitors, including private equity funds, expressed interest in either buying all or some of our London regionals.

"Having considered the merits of alternative offers, we have reached agreement with Archant, who we believe to be an ideal new owner," Fallon added.