The purchase will fit snugly in Magicalia's portfolio of other specialist interest magazines and follows shortly after its recent acquisition of Two Wheels Only from Haymarket.
Last August Magicalia bought Encanta - which published nine specialist-interest magazines. The purchase marked its first move into the magazine publishing business after being a publisher that focused solely on launching community websites.
Owen Davies, Magicalia's joint managing director, said: "We are delighted this acquisition has been approved by the Office of Fair Trading (OFT) and I'm confident that this will allow us to further improve this market-leading magazine and offer its readers a lively online community.
"We are pleased to safeguard the future of Good Woodworking and its staff and we're determined to maintain its distinct and informative voice.'"
Magicalia's magazines cover areas of interest such as gardening, model engineering, woodworking, radio controlled and static models and patchworking. It also operates a dozen client e-commerce sites.
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