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.

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

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.