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Colony to Pay $5.4 Billion for Libya's Tamoil

Private investment firm Colony Capital has agreed to pay 4 billion euros ($5.4 billion) for Libya's European oil company Tamoil and Oilinvest.

Tamoil owns and operates more than 3,000 service stations in Europe, concentrated in Italy, and has oil refineries in Italy, Switzerland, Spain and Germany, Colony said.

The Libyan government will retain a 35 percent stake in the ongoing company, Los Angeles-based Colony said in a statement.

Colony, founded in 1991 by Thomas Barrack, focuses on real estate-related assets, securities, and operating companies.

Earlier this year, it bought a stake in French retailer Carrefour with French billionaire Bernard Arnault, and it joined the founding family of Station Casinos Inc. in a $5.5 billion bid to take the gaming company private.

Last year, private equity group The Carlyle Group was reported to have won the bidding for Tamoil, but a Libyan official said at the time Carlyle was only one of several companies presenting offers.