LONDON (Bloomberg) - Oakley Capital Investments Ltd. said it plans to sell web-hosting business Host Europe Corp. to Montagu Private Equity LLP for £222 million ($344 million).

The transaction is conditional on approval from Germany's Federal Cartel Office, which may take up to four weeks, Bermuda-based Oakley said in an e-mailed statement yesterday. Host Europe operates in the UK and Germany.

"This will represent a significant disposal for the fund and achieves a good return for investors over a difficult period," said Peter Dubens, director of Oakley Capital Investments.Oakley bought Host Europe for £128 million in April 2008.

Montagu, based in London, was spun out of HSBC Holdings plc. in 2003. The bank acquired the firm as part of its purchase of Midland Bank.

Oakley shares rose 4.8 percent to 119.5 pence at 8.50 a.m. in London trading.