The Quarto Group has reached an agreement to sell its 75% take in its Regent Publishing Services unit to 1010 Printing Group.
Based in Hong Kong, Regent provides a variety of printing services to publishers. Through the deal, 10101 Printing, also based in Hong Kong, agreed to acquire Regent for $7 million. The deal is expected to close March 31.
The sale of Regent will allow Quarto to focus on its strategy of expanded its publishing business.
"We believe Quarto has a unique opportunity in our fragmented industry to become the dominant publisher of illustrated books globally. The sale of Regent will allow Quarto to focus fully on what it does best--to make and sell books,” said Quarto CEO Marcus Leaver in a statement.