Flipping Jet-branded gas stations in Germany and Austria for $1.6-billion to financial investors
Financial investors acquire jet refueling facilities.
Gather around, folks! The Jet-branded gas stations across Germany and Austria are getting a fresh coat of paint, or rather, new ownership. The US corporation, Phillips 66, is parting ways with a whopping 65% stake for around $1.6 billion, with the deal going to a consortium back by the investment titans, Stonepeak and Energy Equation Partners (EEP).
You might wonder, what's EEP, huh? Well, EEP is a fresh-faced investment firm that specializes in fuel retail. As for Stonepeak, they're one of the leading alternative investment firms, praised galore for their knack with infrastructure and real assets. The transaction values the business at a cool €2.5 billion, not the previously mentioned €1.5 billion[1][3][4].
Now, let's introduce you to the stations – a grand total of 970 are up for grabs. Out of that number, 843 proudly bear the Jet brand. Phillips 66, intent on hanging on to some of the action, plans to retain the leftover 35% stake through a brand-new joint venture. The proceeds from the sale will be used like gold dust – paying off debt and making merry with dividend payments to shareholders, Phillips 66 gleefully announced. The deal is expected to seal in the second half of the year.
As if that wasn't juicy enough, Philips 66 is feeling the squeeze from Elliott, an investment firm demanding shake-ups such as dividing up their business divisions. The sale news dropped just days before the annual general meeting, where the makeup of the supervisory board will be put to a vote, among other things[5].
Sources:[1] ntv.de[2] dollars.com[3] dpa[4] businesswire.com[5] reuters.com
For the sale of jet refuelling stations worth billions of euros in Germany and Austria, financial investors like Stonepeak and Energy Equation Partners (EEP) will be instrumental in financing the deal. The transaction will provide funds for Phillips 66 to finance debt and pay dividends to shareholders.
