A private equity consortium has acquired a 65% stake in Phillips 66’s retail fuel operations in Germany and Austria for $2.8 billion, enabling Phillips 66 to streamline its operations and enhance shareholder value.
Target Information
A private equity consortium comprising Energy Equation Partners and Stonepeak has successfully acquired a 65% stake in Phillips 66’s retail fuel operations in Germany and Austria. This transaction, valued at $2.8 billion, encompasses a total of 970 fueling stations, of which 843 are branded under JET. This acquisition represents a significant strategic shift as Phillips 66 aims to align its operations more closely with shareholder expectations.
As part of the deal, Phillips 66 will retain a 35% non-operating interest in the newly established joint venture. Additionally, the company has entered into a multi-year fuel supply agreement with its MiRO refinery located in Karlsruhe, which will ensure ongoing revenue from fuel sales in this market.
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Industry Overview
The retail fuel industry in Germany and Austria is characterized by intense competition and evolving market dynamics, shaped by increasing regulatory measures and a shift towards sustainability. T
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Energy Equation Partners and Stonepeak
invested in
Phillips 66’s German and Austrian retail fuel business
in
in a Joint Venture deal
Disclosed details
Transaction Size: $2,800M
Enterprise Value: $2,800M
Equity Value: $2,800M