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

U.S. fund KKR has signed an agreement with Italy's Eni to buy an additional 5% stake in Eni's biofuel business Enilive for 587.5 million euros ($614.17 million), bringing its total stake to 30%, the energy group said on Tuesday.

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.