Financial investors acquire jet fueling facilities
Get ready for a shake-up in the world of gas stations! Financial investors are making a big move, purchasing Jet-branded gas stations in Germany and Austria from American conglomerate Philips 66. According to the latest reports, a consortium composed of Energy Equation Partners and Stonepeak Partners LP is buying a massive 65% stake for around 1.5 billion euros.
The deal includes a whopping 970 gas stations, with a whopping 843 of them flying the Jet flag. Philips 66 is planning to hang onto the remaining 35% through a newly formed joint venture, ensuring they don't miss out on any future growth. The proceeds from this sale will help Philips 66 shed some debt and make some happy shareholders, they declared in a recent announcement. The transaction is expected to close in the latter half of the year.
Philips 66 has been under the spotlight lately, with investment firm Elliott demanding changes, including potential business unit spin-offs. This sale announcement dropped just days before the annual general meeting where crucial decisions, such as the composition of the supervisory board, will be settled.
It's worth mentioning that Elliott's involvement in the context of this transaction or any demands they've made towards Philips 66 have not been reported in the available sources. For more insights on Elliott's role, you might need to look into additional or separate sources.
Sources: ntv.de, dpa
In summary, the investment powerhouses behind this gas station acquisition are none other than Energy Equation Partners (EEP) and Stonepeak Partners LP, who are acquiring a 65% interest in the Germany-Austria retail business with 970 sites (mostly Jet-branded), through a consortium. Philips 66 will keep a 35% non-operated stake via a joint venture, allowing them to profit from this non-core asset while still enjoying future growth. Information regarding Elliott's involvement in this context is scarce, and further sources might be required to uncover more details.
Financially, this scenario signifies a significant shift – for billions of euros, private equity firms are taking over Jet-branded gas stations in Germany and Austria from Philips 66. The acquisition, led by Energy Equation Partners and Stonepeak Partners LP, signifies a major financial investment in jet refuelling stations.
