Stonepeak and EEP take majority stake in JET Tankstellen Deutschland
JET operates nearly 1,000 service stations across the region, serving more than 700,000 customers daily.
Stonepeak and Energy Equation Partners (EEP) have completed the acquisition of a 65% stake in JET Tankstellen Deutschland GmbH, one of Germany and Austria’s leading fuel retailers, in a deal valuing the company at around €2.5 billion.
The transaction, announced earlier this year, sees the two investment firms purchase the majority interest from Phillips 66, the US-based energy company listed on the NYSE. JET operates nearly 1,000 service stations across the region, serving more than 700,000 customers daily.
Stonepeak, an alternative investment firm focused on infrastructure and real assets, and EEP, which specializes in fuel retail investments, said the move positions JET to maintain its strong market presence while adapting to Europe’s evolving energy landscape. Both firms highlighted plans to support JET’s role in the energy transition, though specific strategies were not disclosed.
Phillips 66 will retain a minority stake in the business. Legal counsel for the deal included Akin Gump Strauss Hauer & Feld LLP and Hengeler Mueller for Stonepeak and EEP, with Paul, Weiss, Rifkind, Wharton & Garrison LLP advising on financing.
The acquisition underscores growing investor interest in established fuel networks amid pressure to balance traditional energy services with low-carbon initiatives. JET’s brand strength and extensive footprint are expected to remain central to its strategy as Europe accelerates toward cleaner energy solutions.
