Attic Futura had been on the market for more than 12 months, but complications surrounding the firm's tax structure, rather than problems with price, caused a delay in its sale. A number of buyers had, at one time or another, been interested in taking over Attic, including IPC Media and German publisher H Bauer.
The acquisition of Attic will see Kevin Hand, the former chief executive of Emap, return to the fore of UK magazine publishing. Hand joined Hachette in January with a brief to work on new launches in the UK, France and Australia.
The sale of Attic and the entry of the Lagardere Group-owned Hachette into the UK follows its split with long-time UK publishing partner Emap.
Recently, Emap wrote to Hachette informing it that it wished to end its joint venture deal, which is behind the women's magazines Elle, Red and New Woman. It is believed that Hachette's decision to buy Emap rival Attic triggered the move.
The end of the partnership will likely see Emap retain control of Red and New Woman while Hachette takes Elle. It is unclear which publisher would win control of Elle spin-off titles Elle Girl and Elle Decoration.
Hachette will take over Attic, which also publishes B, Inside Soap and CD:UK, at the end of August.
PMP also said it has given notice to exercise a put option on its 50% stake in Pacific Publications, its Australian venture with broadcaster Seven Network, for £22.9m.
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