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KKR Sells FL Selenia

Kohlberg Kravis Roberts has sold Italian auto parts maker FL Selenia to Malaysia's Petronias for Euro1 billion (US$1.4bn).

FL Selenia is a specialist in the development, production and distribution of lubricants and functional oils used in commercial and agricultural vehicles. The business has technical and commercial relationships with Fiat Auto, Case New Holland and Iveco.

The transaction is expected to close on 30 November 2007.

The sale comes less than two years after KKR bought the business from rival US buyout firm Vestar Capital Partners for