US investment firm KKR has entered an agreement to acquire an additional 5% stake in Italian energy major Eni’s biofuel business, Enilive. The stake will be acquired for €587.5m. The additional acquisition will take KKR’s total interest in Enilive to 30%.

KKR & Co. is raising its stake in Eni SpA’s Enilive to 30%, as the Italian energy major pushes ahead with its plan to sell €8 billion ($8.4 billion) in assets through 2027.

KKR signed an agreement in October to buy a 25% stake in Enilive. Eni said the additional 5% stake sale is based on the same overall valuation as the October agreement, equal to a consideration of 11.

Global investment firm KKR (KKR) has agreed to increase its stake in Enilive, the biofuel subsidiary of Italian energy giant Eni (E). Under

KKR ( NYSE: KKR) to acquire an additional 5% stake in Eni's ( NYSE: E) biofuel business, Enilive, for €587.5M (~$614.17M). This transaction increases KKR's total ownership in Enilive to 30% while Eni ( NYSE: E) retains control of the company.

Shares of KKR & Co Inc (KKR) traded nearly 1% higher in Tuesday’s pre-market session after the company announced it is set to acquire an additional 5% stake in Enilive from Eni for a consideration of €587.