Investment firms Stonepeak and Energy Equation Partners (EEP) agreed to acquire a 65% interest in a European fuel retailer from Phillips 66 in a transaction valuing the business at 2.5 billion euros (US$2.8 billion), the companies said in a May 15 press release.

Phillips 66 Continental Holding will retain a 35% majority interest in JET Tankstellen Deutschland as part of the deal through a newly formed joint venture.

Stonepeak declined Hart Energy’s request for comments on the value of its stake in JET.

“This transaction advances our strategy to optimize our portfolio and enhances long-term shareholder value,” said Mark Lashier, chairman and CEO of Phillips 66. “The newly formed joint venture allows us to monetize this non-core asset while retaining the ability to benefit from its future growth.”

JET distributes fuel to more than 700,000 customers in Germany and Austria through a network of 970 service stations, the release said.

The company also operates convenience stores, car washes and an electric vehicle charging network.

In connection with the transaction, Phillips 66 will enter into a multi-year agreement to continue to supply the business with products from the Mineraloelraffinerie Oberrhein GmbH & Co. refinery.

The deal represents an enterprise value multiple of 9.1x for JET based on expected 2025 EBITDA, Phillips 66 said.

“Under Phillips 66’s ownership, JET has grown into one of the largest fuel retailers in Germany and Austria,” said Anthony Borreca, senior managing director and co-head of energy at Stonepeak.

The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals.

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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