MILAN -- Fiat said on Thursday it had sold its car service network Midas in Europe and South America for 47.5 million euros to French group Norauto, the latest in a string of asset sales by the industrial group.
Fiat said the group would book a 24 million euro ($28.86 million) capital gain from the sale by automotive components unit Magneti Marelli.
Midas, known for its bright yellow shop fronts, has a network across Europe, with 620 outlets including stores in Brazil and Morocco.
The operations are licensees of U.S.-based Midas Inc., which said in a statement the transfer of ownership will not affect royalties it receives from them.
"We are confident that the Midas program will continue to expand and prosper under the ownership of Norauto," said Midas Inc president and CEO Alan Feldman.
At the time it sold its European and Brazilian shops to Magneti Marelli in 1998, Midas had 438 shops in Europe, of which 187 were owned by the company and 251 were owned by franchisees.
Norauto has a network of 351 outlets, concentrated in France and Belgium.
Fiat said in a regulatory filing earlier this month it could sell more assets to help pull out of its worst ever crisis, but Fiat's new CEO Sergio Marchionne said earlier this week the group did not plan any further sales.