PAI Partners, the French private equity firm, has sold its controlling stake in Antargaz, a French gas distributor, in a deal valuing the company at €655m ($806m.)

UGI, a New York-listed American gas canister distributor which already owned 18.5% of Antargaz, has bought the remaining 80.5% from PAI and Medit Mediterranea, an Italian industrial company for €262m.