The Irish Competition Authority has cleared the sale of Independent News and Media's British titles to Russian businessman Alexander Lebedev. The news comes as editor of the Independent, Roger Alton, is to stand down with immediate effect.

Mr Alton will be replaced on an interim basis by Simon Kelner, managing director and editor-in-chief of the title and the Independent on Sunday.

Last month, Irish-listed INM announced the sale of its loss- making London Independentnewspaper titles to Mr Lebedev, for £1.