One Chinese company has announced it will acquire an 85 percent stake in Sri Lanka's Hambantota Port for $974 million.

The company has reached agreement with Sri Lanka Port Authority, the Sri Lankan Government, Hambantota International Port Group (Private) Limited (HIPG) and Hambantota International Port Services Company (Private) Limited (HIPS) to operate the port.

The 99-year agreement is expected to be signed on July 29.