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(Bloomberg) -- Japanese shipping company Mitsui OSK Lines Ltd. agreed to acquire petrochemical storage operator LBC Tank Terminals, partly owned by French private equity firm Ardian SAS, for about $1.7 billion.

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The transaction is in-line with Mitsui OSK’s plan to rebalance its portfolio to include more non shipping revenues, according to a statement on Monday. APG Asset Management and PGGM are also shareholders of LBC and have agreed to sell their stakes.

The owners of LBC had been working with Macquarie Capital to identify a buyer for the business, Bloomberg News reported last year. Mitsui OSK was among bidders for the business, people familiar with the matter had said.

LBC operates bulk liquid storage facilities for petrochemicals, petroleum products and base oil products in Europe and the US. It also offers loading and unloading services for all modes of transportation. The company has a storage capacity of around 2.9 million cubic meters and about 500 employees worldwide, according to its website.

Ardian bought a 35% stake in LBC in 2017. Since then, LBC’s capacity has grown by 63% with new projects being developed across chemical and new energies storage, Ardian said in a separate statement.

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