Mecom, an investment firm owned by former Mirror Group chief executive David Montgomery, and Veronis Suhler Stevenson, the US buy-out firm, are to pay €170m (£115m) for Berliner Verlag, the German newspaper publisher.

Mecom will invest about €11.8m and receive a 14.99% holding in a new company established for the acquisition. It will also receive €1.25m from Veronis Suhler for identifying the acquisition.