ROME—Eni SpA said Tuesday it agreed on a price of €463.2 million ($509.5 million) for the sale of a 12.5% stake in oil services company Saipem SpA to an Italian state-run investment fund.

Following last week's announcement of the stake disposal, Eni and Fondo Strategico Italiano jointly said Tuesday the Saipem shares will be sold at €8.3956 apiece. The two companies had previously said the price would be within a range, valuing the stake up to €487 million.

The deal will reduce the stake Eni, which is 30%-owned by the Italian government, holds in Saipem to about 30.5%.

The sale is part of an operation that includes €5.4 billion debt repayments to Eni from Saipem.

The Italian oil and natural gas company has earmarked the proceeds for investment in its own exploration activities.

Write to Liam Moloney at liam.moloney@wsj.com

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(END) Dow Jones Newswires

November 03, 2015 14:15 ET (19:15 GMT)

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