New York--Commonwealth Business Media Inc. announced this week that it has reached an agreement with The Economist Group to purchase the assets of The Journal of Commerce Group. Terms of the agreement were not disclosed, but the transaction is expected to close sometime in September. The Journal of Commerce group, led by the flagship Journal of Commerce newspaper, supplies information to the trade and transportation industries in the U.S. and internationally. It has properties both in print and online, including JoC Week magazine, Traffic World, Air Cargo World, JOC.com and the Piers database and directories business. Helen Alexander, CEO of The Economist Group, said in a statement that as The Economist Group focuses on developing global media brands for an international audience the JOC is no longer a strategic fit for the company. Commonwealth Business Media, which provides information to the same markets as the JOC-as well as the performing arts and commercial credit industries-was formed last October in a management-led buyout of Primedia Information Inc.