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Weekly newspaper group Southnews is set to be sold to Trinity Mirror after the two companies agreed a £284m deal.

Southnews, which began in 1986 in a management buy-out from Westminster Press, comprises 25 paid for and 58 free titles.

The deal is worth £12 per share – £4.37 more than their closing price the previous day.

Trinity Mirror chief executive Philip Graf said: “Southnews has a tremendous portfolio of high quality newspaper titles focused on Greater London and around the M25, as well as in Essex and Kent, which will be an excellent addition to Trinity Mirror’s regional and local newspaper franchises.”

Trinity says the move will help balance its portfolio of regional newspapers across different regional economies.

Gareth Clark, chairman of Southnews said: “Through a series of acquisitions and by launching new titles, Southnews has emerged as a substantial regional newspaper group focused on the attractive London and Home Counties market.

“Though we have identified further opportunities for developing the company, the recent consolidation within the newspaper industry has undoubtedly diminished the range of suitable opportunities previously open to Southnews.

“With this in mind I am therefore convinced that the correct route to ensure the continued long-term prosperity of our newspapers is by them now forming part of a larger newspaper group.”

Pre-tax profits for Southnews for the first half of the year to September 30 were £7.8m, up from £6.5m, with turnover at £47.6m from £36.9m.

Click here for more on Southnews and Trinity Mirror.