Italian sportswear and athletic shoe giant Fila Holding SpA on Friday announced it had agreed a deal to sell all of its direct subsidiaries, including Fila USA Inc, to Sport Brands International LLC for $351 million. The Biella-based firm said in a news release that Sport Brands is an affiliate of Cerberus, a US-based private investment fund manager, and it expects to close the deal by the end of June with the proceeds reinvested in its communication business.