Troubled Italian dairy giant Parmalat has reportedly completed the sale of its Argentine unit, which includes three production plants, to a local investor.

Businessman Sergio Tasselli signed a contract with the Italian office of KPMG, which is managing the transaction, Dow Jones International News reported, citing a source close to the deal.

Although financial terms of the deal were not disclosed, local media reports claimed Tasselli had paid €1 (US$1.34) for the unit. However, he also assumed its debt, which is estimated to be around ARS50m (US$16.9m), but could be much more.