Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Energy Equation Partners (“EEP”), an investment firm with significant expertise in fuel retail, today announced the completion of their previously announced acquisition of a 65% interest in JET Tankstellen Deutschland GmbH (“JET”), a leading fuel retailer in Germany and Austria, from a subsidiary of Phillips 66 (NYSE: PSX), in a transaction valuing the business at an enterprise value of approximately €2.5 billion.
“We are delighted to complete this acquisition and to partner with Stonepeak and Phillips 66 to take JET to the next level,” said Javed Ahmed, Managing Partner of Energy Equation Partners. “This investment reflects EEP’s commitment to investing in established players in the energy sector who have the potential to make a meaningful impact on the energy transition, and we are excited to work alongside the entire JET team, including its dedicated service station operators, to realize this vision.”
“The completion of this transaction marks an important step forward for JET,” said Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak. “With its extensive network of service stations, trusted brand, and the combined expertise that we and EEP bring, JET is well positioned to continue providing reliable service to its customers across Germany and Austria.”
Akin Gump Strauss Hauer & Feld LLP and Hengeler Mueller served as legal counsel to Stonepeak and EEP. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as financing counsel to Stonepeak and EEP.
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