Scooping Up Jet-Branded Gas Stations: A €1.5 Billion Deal by Energy Equation Partners and Stonepeak
Financial investors acquire jet fueling facilities
Prepare to see a change at the pumps, folks! The lucrative business of Jet-branded gas stations in Germany and Austria is shifting gears, moving into the hands of financial investors. US company Philips 66 is selling a whopping 65% majority stake for around 1.5 billion euros. The buyers? None other than a powerhouse consortium, bolstered by the investment firms Energy Equation Partners (UK) Limited and Stonepeak Partners LP.
This deal, valued at around €1.5 billion ($1.6 billion), will see a total of 970 gas stations change hands. Of these, a staggering 843 proudly bear the Jet brand. Philips 66, however, will continue its relationship with this iconic brand, retaining the remaining 35% stake via a new joint venture. The sale proceeds will be utilized to significantly reduce debt and make shareholder distributions, according to Philips 66's announcement[1][2][3].
The deal's closing is estimated to take place in the second half of the year, subject to regulatory approvals. But what sparked this deal? Well, rumors swirl around Philips 66, pointing to pressure from investment firm Elliott, demanding sweeping structural changes, such as the spin-off of business units[1]. The sale announcement came just days before the annual general meeting, where the supervisory board's composition will be voted on.
Now, buckle up and keep an eye out for those familiar Jet logos as you fill up your tank—things are about to get a little more exciting!
[1] ntv.de
[2] dpa
Investment firms Energy Equation Partners (UK) Limited and Stonepeak Partners LP are set to finance the acquisition of a €1.5 billion majority stake in Jet-branded gas stations from Philips 66. In this deal, financial investors will take control of 65% of the stations, acquiring 843 Jet-branded refuelling stations.
