(Mergers & Acquisitions) Southern Cross Group is buying Mexico’s Grupo Expansion from Time Inc. for an undisclosed amount.

Grupo Expansion is Mexico’s second largest magazine publisher, and owns the titles Expansion, Quien and Life & Style. The company was founded in 1966 and acquired by Time in 2005. The group will continue to license the Time Warner brands it already licenses: CNNMexico, InStyle and Travel + Leisure, following the acquisition.

New York-based Time sold the business because it wants to focus on growing its U.S. and U.K. assets.

Southern Cross is a private equity firm that makes investments in Latin American companies. The firm is investing from its fourth fund, which has US$1.7b in committed capital. The firm is invested in Brazil home products company Brinox Metalurgica SA and Chilean energy company Gas Atacama.

Other recent media deals include Defy Media’s purchase of video game websites from Viacom (Nasdaq: VIA, VIAB) earlier in June, and Solmart Medial LLC’s acquisition of two Florida broadcasting stations. Previous acquisitions include M2 Media Group’s purchase of American Publishers in March, and Time’s purchase of Time + Leisure in September.