Headline: Financial Titans, Stonepeak and Energy Equation Partners, Secure Majority Control of JET Fuel Stations for €2.5 Billion
Financial investors acquire jet refueling facilities.
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The empire of Jet-branded gas stations in Germany and Austria is getting a financial makeover, as Stateside giant, Philips 66, is offloading a massive 65% share for a whopping €2.5 billion. The deal is being facilitated by a consortium fronted by investment titans, Stonepeak and newly-formed Energy Equation Partners (EEP).
Standing tall at 970 stations, 843 of which bear the Jet brand, the sale proceeds will aid Philips 66 in reducing their debt load and distributing dividends to their shareholders[1]. The remaining 35% stake will be held through a new joint venture by Philips 66[2].
Troubled waters seem to be surrounding Philips 66, with investment colossus, Elliott, demanding a restructuring that includes spinning off certain business units. Interestingly, the sale announcement occurred just on the eve of their annual general meeting, during which the composition of the supervisory board is set to be decided[3].
Sources:
- ntv.de
- dpa
- Regulatory News
- Stonepeak Press Release
For the financial investors, Stonepeak and Energy Equation Partners, this exclusive deal to purchase 65% of Jet refuelling stations for a staggering €2.5 billion will significantly add to their portfolio's worth. The acquired stations, operating predominantly under the Jet brand, will help finance their future ventures.
