ILG Digital, the parent company of i-level, is close to signing a deal to sell a majority stake in the business to ECI, a UK-based private equity group.

I-level, the UK's largest independent media agency, has been the subject of numerous approaches in recent months since it appointed investment banking advisors to investigate its options since thinking about cashing out last October.

The company later entered talks with Aegis, AKQA and a number of private equity groups. It reached the due diligence stage with Aegis before talks broke down last month when the companies failed to agree terms.

The exact terms of the deal are unclear, but sources suggest that ECI is likely to pay a substantial upfront sum.

ILG is likely to retain autonomy over the day-to-day running of the business once the deal is done.