The division consists of 191 photo centres and 172 self-service kiosk sites located in Asda stores.
The deal to sell the business was struck under former Asda boss Andy Clarke, who has since been replaced by Sean Clarke.
Photo-Me chief executive Serge Crasnianski said: "This is an interesting opportunity to significantly expand our UK business in a strong set of locations and increase our market share in the digital photo printing market, which we believe has growth potential in the digital age."
Crasnianski added that he aims to "improve the level of trading and overall performance over the next two years and beyond."
In June, Photo-Me International said it captured a rise in full-year profits, helped by the introduction of a new Japanese identity card.
Pre-tax profits rose 4.1% to £40.1m while revenues were boosted 3.8% to £184m as the firm also hailed the performance of its Revolution self-service laundry machines.
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