LONDON - UK investment fund Mecom has agreed to buy the media arm of Norwegian conglomerate Orkla, whose assets across Scandinavia and Eastern Europe include newspapers, magazines, radio, television, digital media and direct marketing units.

The deal, thought to be worth around £600 million ($1.08bn; €868m), is Mecom's biggest acquisitionto date.

The bullish fund is led by former top Trinity Mirror executive David Montgomery, who since last October has agreed to buy the Berlin publishing group Berliner Verlag, the Hamburger Morgenpost and Dutch group LMG from the Telegraaf Media Groep.