Independent News & Media has sold its 18% stake in UK-based online bingo company Cashcade for €15.3m (£13.2m).

The business is being sold to gaming company PartyGaming.

Independent News & Media (INM), the publisher of the Belfast Telegraph, said it could receive additional money from the sale in 2010 and 2011 if Cashcade meets certain profit targets.

Cashcade runs a portfolio of successful bingo brands including Foxy Bingo, Think Bingo and the pioneering free-to-play site Cheeky Bingo.

The company had gross assets of £21.7m as of December 31, 2008, and reported profits of £7.5m in the year to end 2008.

The sale continues INM's strategy of raising €150m (£129.4m) from asset sales.

Earlier this month, the group sold 7.3% of Indian publisher Jagran Prakashan, in which it held a 20.8% stake.

The sale raised the company €22m (£19m)

INM yesterday said that the sale of its Cashcade stake was part of its “de-leveraging” strategy as it attempts to negotiate a debt restructuring with investors during a financial “standstill” period.

The company is expected to make an announcement today, when the standstill agreement is due to expire.