A partnership between real asset manager Stonepeak and Energy Equation Partners (EEP) is acquiring a 65% interest in a €2.5bn fuel retailer in Germany and Austria from a subsidiary of energy firm Phillips 66.
Stonepeak and EEP have agreed to buy the majority stake in JET Tankstellen Deutschland from Phillips 66 Continental.
Phillips 66, which expects pre-tax cash proceeds of around €1.5bn, said the cash will be used to support the company’s strategic goals, including reducing debt and enhancing shareholder returns. Phillips 66 will retain a 35% stake following the transaction.
As part of the transaction, Phillips 66 said it expects to sign a multi-year agreement to continue to supply the business with products from the Mineraloelraffinerie Oberrhein refinery.
JET operates through its network of 970 fuel retailing service stations, serving over 700,000 customers daily in Germany and Austria. Beyond fuel, JET stations offer convenience stores, car wash facilities and a rapidly expanding electric vehicle charging network.
Mark Lashier, chairman and CEO of Phillips 66, said: “This transaction advances our strategy to optimise our portfolio and enhances long-term shareholder value. The newly formed joint venture allows us to monetise this non-core asset while retaining the ability to benefit from its future growth.”
Javed Ahmed, managing partner of Energy Equation Partners, said: “We are pleased to partner with Phillips 66 and Stonepeak to build on the strong foundation of the JET platform.
“Together with the outstanding JET team and its dedicated service station operators, we aim to strengthen JET’s leadership in both fuel and non-fuel retail across Germany and Austria.”
Anthony Borreca, senior managing director and co-head of energy at Stonepeak, said: “JET’s high-quality network of critical infrastructure assets is well positioned to continue reliably serving the needs of its customers over the long-term. Under Phillips 66’s ownership, JET has grown into one of the largest fuel retailers in Germany and Austria.”
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