The sale of Ireland's financial, political and economic newspaper will be used to reduce group borrowings at Trinity Mirror, which last week relaunched its flagship title the Daily Mirror.
Thomas Crosbie is one of Ireland's largest newspaper publishers and owns the Irish Examiner and Evening Echo, as well as a string of weekly regional newspapers including the Western People and Waterford News & Star.
The disposal is subject to the approval of the Irish minister for enterprise, trade and employment and will pay for the massive investment Trinity Mirror is making in its UK national newspapers, The Mirror, Sunday Mirror and People.
It is thought that the Cork-based company has been in talks with Trinity Mirror for some weeks about acquiring the Sunday Business Post. The paper was acquired by the then Trinity in August 1997 for £5.5m.
The Sunday Business Post was launched in 1989 by a group of journalists including Frank Fitzgibbon and Damien Kiberd, who edited the newspaper until last November.
Trinity Mirror still owns a number of newspapers in Ireland, including the Derry Journal chain of regional newspapers in Derry and Donegal.
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