3i selling spree gathers pace

Michael Bow
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PRIVATE equity outfit 3i yesterday continued its bout of selling portfolio companies by offloading German motor engine part maker Hilite International.

The deal, which is worth £384m, follows a series of disposals last year by the group, which made the company £669m.

Hilite has been sold to a subsidiary of Aviation Industry Corporation of China. The deal gives 3i cash proceeds of £155m.