The Carlyle Group has confirmed the sale of its 40% stake in Le Figaro, the second largest daily newspaper in France, in the first exit from its €1bn ($874m) European buyout fund Carlyle Europe Partners.

The sale was first reported in Financial News this week. Under the terms of the deal, Socpresse, a French publishing company, will increase its stake in the paper from 60% to 100%. The deal marks the fulfilment of a long-held ambition by Serge Dassault, head of Dassault Aviation and one of the wealthiest men in France, to gain a foothold in the French newspaper industry. Last month he bought a 30% stake in Socpresse from the Hersant family through his private family holding company, and now he owns a 30% indirect stake in Le Figaro.