(Reuters) - Italy's Sogefi said on Friday it has entered into an agreement to sell its filtration business unit for an enterprise value of 374 million euros ($404.93 million) to U.S. private equity fund Pacific Avenue Capital Partners.

The Milan-based firm, which develops and produces air and cooling systems, suspension components as well as filtration systems, said that following the closing of the transaction, the filtration unit will operate under the name Purflux Group.

The sale is subject to obtaining clearance from antitrust authorities. The closing of the sale is expected to occur within six months of the deal announcement.

Sogefi further added that at least 50% of the proceeds from the sale, estimated to be around 330 million euros, will be used to reduce the company's debt, which stands at 266.1 million euro as of Dec. 31, 2023.

Sogefi also reported its full-year earnings on Friday, with revenues of 1.6 billion euros, compared to 1.5 billion euros in 2022, and a proposed dividend of 0.2 euro per share.

($1 = 0.9236 euros)

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Shailesh Kuber)