Uniper, a German energy supply company, has agreed to divest its 48.2 percent stake in a liquefied natural gas (LNG) terminal in Italy for around 400 million euros ($452 million).
Uniper will sell the stake in OLT Offshore LNG Toscana to Australian asset management firm First State Investments, a unit of Colonial First State Group Ltd.
The company said that it plans to reinvest the sale proceeds in its growth businesses that generate attractive returns.
OLT Offshore LNG operates the floating storage and regasification unit Toscana, situated 22 kilometers off the Tuscan coast between Pisa and Livorno and has a capacity of 3.75 billion cubic meters a year.