Pearson, the UK publishing group, has agreed to sell its 79% stake in Recoletos, a Spanish media group, to a consortium of investors for €743m ($988m).

Lazard and Citigroup, Pearson's joint financial advisers, advised the publisher, which has retained first refusal to buy Expansion, Spain's leading business paper as part of the deal, if the new owners put it up for sale within 18 months.