Fiat has announced that it has sold its aftermarket car servicing network Midas to French firm Norauto for €47 million.

The sale, the latest in Fiat's asset disposal programme, includes all 620 outlets spread across Europe, North Africa and South America.

Fiat's Magnetti Marelli division purchased the chain from Midas Inc. in the USA during 1998, with the parent company continuing to licence activities. Fiat will record a net gain of €24 million from the transaction.