Axel Springer, a German publisher, has purchased news website Business Insider.

The publishing company has announced that it has purchased 88% of shares in the Business Insider.

The cost of the shares was £226M.

Axel Springer previously held 9% of the shares, so with this new purchase the company now owns 97% of the shares in the website.

The remaining 3% of shares will remain with Bezos Expeditions, an investment company owned by the founder of Amazon, Jeff Bezos.

Business Insider was founded in the USA in 2007.

The popular news website attracts around 76M unique users across the world per month.

The UK edition of the website was launched in November 2014. It was the seventh edition of the website.

New owners Axel Springer said that a German edition of the website will be launched before the end of 2015.

Business Insider employs 325 around the world. Around half of this figure is made up of journalists alone.