Pillips 66 has entered into a definitive deal to divest a 65 percent interest in its Germany-Austria retail business to a consortium of investment firms Energy Equation Partners and Stonepeak Partners LP.
JET Tankstellen Deutschland GmbH operates 970 sites including 843 that are JET-branded, according to Phillips 66. “Phillips 66 will retain a non-operated 35 percent interest in the business through a newly formed joint venture”, the Houston, Texas-based refiner said in an online statement.
“This transaction advances our strategy to optimize our portfolio and enhances long-term shareholder value”, said Phillips 66 chair and chief executive Mark Lashier. “The newly formed joint venture allows us to monetize this non-core asset while retaining the ability to benefit from its future growth”.
Phillips 66 expects about EUR 1.5 billion ($1.68 billion) on pre-tax proceeds after customary price adjustments. “The transaction values the Germany and Austria retail marketing business at an enterprise value of approximately EUR 2.5 billion (approximately $2.8 billion), representing an implied Enterprise Value/EBITDA multiple of 9.1x based on expected 2025 EBITDA”, the company said.
“The proceeds will be used to support the company’s strategic priorities, including debt reduction and shareholder returns”, it added.
Phillips 66 said it would enter into a multi-year agreement to continue supplying the retailer through the Mineraloelraffinerie Oberrhein refinery in Karlsruhe, Germany, in which it owns an 18.75 percent stake.
In a separate statement, Stonepeak and Energy Equation noted, “JET is one of the largest fuel retailers in Germany and Austria, serving more than 700,000 customers daily with quality products at fair prices through a network of 970 service stations. Located primarily in urban and high-traffic areas, JET also operates convenience stores, car washes and a rapidly growing EV charging network”.
“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”, commented Javed Ahmed, Energy Equation managing partner.
The parties expect to complete the transaction in the second half of the year, subject to customary regulatory approvals.
In the first quarter of 2025 Phillips 66 exceeded a divestiture target of over $3 billion, meant to support its shareholder return target and other long-term priorities, with the receipt of $2 billion in proceeds from the sale of non-operated stakes in Coop Mineraloel AG and Gulf Coast Express Pipeline LLC.
“We intend to continue to optimize the portfolio and rationalize non-core assets going forward”, Lashier said in a statement December 16, 2024, announcing the agreement to divest Phillips 66’s 25 percent stake in the Gulf Coast Express Pipeline to ArcLight Capital Partners LLC. “The evolution of our portfolio underscores our position as a leading integrated downstream energy provider, enhancing shareholder value and positioning the company for the future”.
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