Phillips 66 sells 65% stake in JET in Germany and Austria
JET operates a network of 970 service stations serving over 700,000 customers daily.
Stonepeak and Energy Equation Partners (EEP) have reached an agreement to acquire a majority interest in JET Tankstellen Deutschland GmbH from Phillips 66 in a deal valuing the fuel retail business at approximately €2.5 billion. The transaction will see Phillips 66 retain a 35% minority stake in JET through a newly established joint venture.
JET, one of the largest fuel retailers in Germany and Austria, operates a network of 970 service stations serving over 700,000 customers daily. Its offering includes fuel, convenience retail, car wash services, and a growing electric vehicle charging network.
“Together with the outstanding JET team and its dedicated service station operators, we aim to strengthen JET’s leadership,” said Javed Ahmed, Managing Partner of EEP.
“JET’s high-quality network of critical infrastructure assets is well positioned to continue reliably serving the needs of its customers over the long-term,” 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, pending regulatory approvals.
