US firms Simpson Thacher & Bartlett and Sullivan & Cromwell are advising on the €6.2bn (£5.5bn) sale of Fiat Chrysler Automotive's (FCA) car components business, Magnetti Marelli, to Japanese parts manufacturer Calsonic Kansei.

The new company will operate under the name Magneti Marelli CK Holdings and, according to FCA, will create the world's seventh largest global automotive components supplier, based on total revenues of €15.2bn.