German media major Bauer has expanded its presence in New Zealand, striking a deal to buy a number of high-profile magazine titles from APN.
In a statement to the ASX, APN News and Media said it was seeking clearance from the Commerce Commission to sell its New Zealand magazine business to Bauer Media Group.
If approved, the sale would see titles including the New Zealand Woman's Weekly, The Listener, Simply You Living and Creme change hands.
Titles acquired by APN from Pacific Magazines in 2010 and published under licence, including New Idea, That's Life and Girlfriend, will remain with the Australasian publisher.
The statement from APN said the sales reflect a "strategy of an emphasis on growth assets, particularly digital".
In August, Fairfax Media reported that discussions over the sale were continuing.
Bauer, which has its headquarters in Hamburg, focuses on magazine publishing and has operations in 16 countries.
The purchase, understood to require Commerce Commission approval, will substantially bolster Bauer's New Zealand presence. Bauer last year spent an estimated $500 million picking up Australasian assets of magazine publisher ACP Media, delivering titles including the Australian Women's Weekly, Woman's Day and TV Week.
Bauer publishes Grazia, FHM and Zoo in Britain.