Independent News & Media has agreed to sell its London regional newspaper operations to privately owned Archant Regional Ltd for £62 million.
The group said it had already received £52 million sterling from Archant for three of the five newspaper divisions - Post, East London and North London.
It expects to complete the sale of the remainder - Kent and North West - by around December 30th.
The deal comes after a previous agreement to sell the titles to US media firm Gannett's British unit Newsquest - for £60 million- was blocked by competition authorities. Independent described Archant as "an ideal new owner".
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Shares in Independent were unchanged at €2.05 by 10:15 a.m.