Trinity is also finalising the sale of a separate magazines business called Trinity Publications, which houses classified titles such as Classic Car Mart. The company's assets are being divided up and sold to a number of separate buyers.
Inside Communications publishes trade and consumer magazines including social housing title Inside Housing and runs exhibitions including the National Boat, Caravan and Outdoor Show.
Reports last month that Trinity Mirror was primed to sell the division suggested a price tag in the region of £45m-£50m.
Sly Bailey, chief executive of Trinity Mirror, said: "Inside Communications is a good business. However, these assets are not core to our portfolio, and we agreed with the ICL management team that they would have greater scope for development under their direct ownership."
David Moran, ICL managing director, and Ion Equity have formed a company called Ocean Media to buy ICL. Ion Equity is a specialist in corporate finance and private equity.
The company recently warned that ad revenues for the first half of 2006 would be down by 10.6% on a like-for-like basis.
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