Billion Euro Deal Sells Jet Fuel Stations to Financial Investors, Marquee Brands like Energy Equation Partners and Stonepeak in the Mix
Financial investors acquire jet refueling facilities.
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It's time to shake things up in the fuel station business: key financial investors have their eyes on Jet-branded service stations across Germany and Austria. The US corporation Philips 66 is pulling off a whopping 1.5 billion euros sale of a 65% majority stake. The fortunate buyers? none other than a heavy-hitter consortium backed by the investment titans, Energy Equation Partners (UK) Limited and Stonepeak Partners LP.
As part of the sale, a total of 970 service stations are exiting Philips 66's grasp, with 843 of them flying the Jet flag. Philips 66 has its eyes set on retaining the remaining 35% stake through a new joint venture. The spoils will be utilized to wipe off the company's debt and divvy out profits to shareholders, according to the official announcement. The deal is said to wrap up in the second half of the year.
Recent pressure from the investment firm Elliott, demanding organizational changes like divesting certain business segments, may have contributed to the sale announcement, just days before the annual board meeting when supervisory board members' appointments will be voted on.
[1] Your Source: ntv.de, dpa[2] Additional Insight: The transaction is subject to standard regulatory approvals.[3] Enhanced Information: Philips 66 will continue to supply the retail sites via a multi-year agreement.[4] Highlighted Fact: The joint venture marks the strategic emphasis on debt reduction and shareholder returns for Philips 66.
For billions of euros, financial investors Energy Equation Partners and Stonepeak are purchasing Jet refuelling stations from Philips 66, financing the deal for a massive stake in the fuel business. This financial move is aimed at reducing debt and increasing shareholder profits for Philips 66.
