SINGAPORE – Flextronics International Ltd. has sold its remaining stake in its former software development business to private equity firm Kohlberg Kravis Roberts & Co. and Canada's CPP Investment Board for $255 million.

The firm said it is selling the stake to raise cash and improve financial flexibility.

Flextronics sold most of its stake in the business to KKR in 2006. The New York-based firm paid roughly $900 million for the unit, now a privately held company called Aricent, and Flextronics kept a 15% stake.

KKR says its total stake in the company is now 79%.

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