Bauer Media has announced in a statement that it has agreed to sell its Australian publishing business to Mercury Capital.

Mercury Capital will acquire all of Bauer Media Australia’s print and digital assets which cover women’s entertainment & lifestyle; fashion, beauty & health; homes; food; motoring & trader lifestyle categories. The agreement also includes those brands recently acquired by Bauer from Pacific Magazines and Bauer’s New Zealand mastheads.

Veit Dengler, Bauer Media COO, said: “Bauer Media remains committed to magazine publishing. This decision supports our strategy to invest in our market leading brands where we believe we are best placed to do so.”

“We have been proud to be the custodian of these iconic brands in Australia. I would like to thank our talented teams for their commitment and the contribution they have made to Bauer Media. I wish them well for the future.”

The sale is subject to relevant regulatory approvals in Australia, with completion expected by the end of July.