Dollars Rule the Day: Jet-Branded Fuel Stations Sold for $1.6B+ to Financial Investors
Financial investors acquire Jet Fueling Facilities
Got a hankerin' for some aviation juice for your ride? Well, buckle up, because the Jet-branded fuel stations in Germany and Austria are about to get a new crew. American company Philips 66 is selling a whopping 65% majority stake worth around 1.5 billion euros. The buyers? A mighty consortium backed by the investment firms Energy Equation Partners and Stonepeak.
The deal includes 970 fuel stations in total, with 843 of them proudly bearing the Jet brand. But don't think Philips 66 is going to just bid adieu and jet off – they're holding on to the remaining 35% stake through a fresh joint venture. With the sale proceeds, the company plans to chop those debt animal's reins and hand outsome tasty dividends to shareholders, Philips 66 declares. They're aiming for a second-half-of-the-year completion on this deal.
Philips 66 ain't been a stranger to pressure lately, especially from the investment firm Elliott, who've been giving them a hard time with demands like spinning off business units. The announcement dropped just days before the annual brouhaha, where they'll fight for supervisory board seats and other pressing matters.
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For billions of euro, the financial investors Energy Equation Partners and Stonepeak will take over Jet-branded jet refuelling stations, with Philips 66 retaining a 35% stake through a new joint venture. This sale of a 65% majority stake will primarily be used by Philips 66 to pay off debts and distribute dividends to its shareholders.
The financial backing by the mentioned investors will give Jet-branded fuel stations, consisting of 970 stations, a new lease of life, with the sale completion expected in the second half of the year.
