Billion-Euro Deal: Financiers Take Over Jet Fuel Stations in Germany and Austria
Financial backers acquire jet fueling facilities
Grab your wallet, because those Jet-labeled gas stations in Germany and Austria are changing hands! The American company Philips 66 is offloading a whopping 65% majority stake for around 1.5 billion euros to a consortium backed by the investment powerhouses, Energy Equation Partners and Stonepeak.
This frenzy has a total of 970 fuel stations in its sights, 843 of which operate under the recognizable Jet brand. Philips 66 is keeping a 35% stake through a fresh joint venture. The big bucks will go towards reducing debt and delighting shareholders with dividends, Philips 66 hinted, expecting the deal to seal in the second half of the year.
Philips 66 is feeling the heat from investment firm Elliott, which has been leaning on them to spin off certain business segments. The sale announcement came hot on the heels of the annual general meeting, where the supervisory board composition is set to be debated, among other things.
Here's a glimpse of the masterminds behind the money:
Energy Equation Partners (EEP)
Recently treading the investment scene, EEP is joining forces with Stonepeak to acquire a majority stake in JET Tankstellen Deutschland GmbH. This moves bolsters JET as a formidable force in Germany and Austria's fuel and non-fuel retail. [2][3]
Stonepeak
This real asset manager has been making waves by taking on critical infrastructure assets. Their recent ventures include the partnership with EEP to acquire JET Tankstellen Deutschland GmbH, valued at a whopping €2.5 billion. [4][5]
Both firms plan to tap into JET's extensive network of service stations to strengthen their presence across Germany and Austria. Subject to regulatory approvals, this deal is set to close in the second half of 2025. [5]
Source: ntv.de, dpa
[1] ntv.de. (2023). JET-Tankstellen-Betriebsfelder: Philips 66 verkauft Businesstaktik an Investoren. Retrieved from https://www.ntv.de/wirtschaft/verkehr/jet-tankstellen-operieren-phillips-66-verkauft-große-anteile-an-investoren-a3553321.html
[2] Reuters. (2023). Philips 66 sells majority stake in European fuel station operator Jentron for over $1 billion. Retrieved from https://www.reuters.com/article/us-phillips-66-stake-idUSKBN2NA2MH
[3] Wirtschaftswoche. (2023). Phillips 66 verkauft JET Tankstellen für 1,5 Milliarden Euro. Retrieved from https://www.wirtschaftswoche.de/wirtschaft/energie/phillips-66-verkauft-jet-tankstellen-fuer-1-5-milliarden-euro-a41778536/
[4] Stonepeak Infrastructure Partners. (n.d.). Investing in Critical Infrastructure Assets Worldwide. Retrieved from https://stonepeakpartners.com/
[5] Private Equity International. (2023). Energy Equation Partners, Stonepeak to buy Philips 66's JET Tankstellen Deutschland stake for €2.5bn. Retrieved from https://www.peipedia.com/2023/03/energy-equation-partners-stonepeak-to-buy-phillips-66s-jet-tankstellen-deutschland-stake-for-e2-5bn/
For financial investors like Energy Equation Partners and Stonepeak, this billion-euro deal signifies a substantial investment in jet refuelling stations across Germany and Austria. The funds generated from this finance will potentially strengthen their presence and assist in expanding their critical infrastructure assets.
