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(Reuters) -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 signed an agreement in October to buy a 25% stake in Enilive. The closing of the October deal is expected by the end of March.
Eni said the additional 5% stake sale is based on the same overall valuation as the October agreement, equal to a consideration of 11.75 billion euros.
The sale is part of Eni's so-called satellite strategy to bring in co-investors to growth businesses, seeking to raise funds to help the company to decarbonise its products.
"KKR's additional investment confirms the attractiveness of Enilive to the market," Francesco Gattei, Eni's chief transition and financial officer, said in a statement.
Mediobanca was Eni's financial adviser on the deal.
($1 = 0.9566 euros)
(Reporting by Alberto ChiumentoEditing by David Goodman)
