The sell-off follows the completion of the strategic review of Emap's Australian business, which it kicked off in May. In the year to March 31, the business had revenues of £27m and profits of £822,000.
ACP is one of Australia's biggest publishers and publishes Cosmopolitan and Harper's Bazaar. In the UK, it has a tie-up with The National Magazine Company, ACP-Natmag, which publishes two weekly titles Best and Reveal.
Following the sale, Emap will continue to earn revenues from licences from the Australian editions of Zoo, FHM, Empire, Mother & Baby and Pregnancy & Birth.
Paul Keenan, chief executive of Emap Consumer Media, said: "We have grown Emap Australia into a leading player in its market. The outcome of this transaction reflects the quality of the brands and activities we have built in Australia and the depth of creative talent we have developed there. We look forward to a long-term partnership with ACP Magazines on these titles and future publishing initiatives."
The sale comes as Emap pushes forward with its £2.5bn break-up of the company in the UK. Earlier this week, it was revealed that Emap was making arrangements to loan money to potential buyers of its three divisions to ensure the auction remains on track.
There are thought to be up to 30 potential bidders for various parts of Emap