Phillips 66 has finalized the partial sale of its German and Austrian fuel retail operations, known as JET. This significant transaction involved the divestment of a majority stake in the fuel retailer.
Transaction Overview
Stonepeak and Energy Equation jointly completed the acquisition. They secured a 65 percent majority stake in JET. This acquisition marks a notable change in ownership for the fuel retail network.
Stake Acquired
The agreement transfers a 65 percent interest in JET. Phillips 66 previously held full ownership of these specific operations. Now, new investors control the majority share.
The Involved Parties
Phillips 66, a major energy company, executed this partial divestment. The company sold a significant portion of its JET operations. Stonepeak, an alternative investment firm, participated as an acquirer. Energy Equation also joined the transaction. Together, these entities now manage the majority stake.
JET’s Market Presence
JET operates its fuel retail business across Germany and Austria. The transaction specifically concerned these European market presences. The change in ownership impacts its operations within these two countries.
Conclusion of the Deal
The completion of this sale represents a strategic move for Phillips 66. It also establishes Stonepeak and Energy Equation as majority owners of the JET fuel retail network. This covers its operations in Germany and Austria.
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