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
Last year, private equity group The Carlyle Group