Scooping Up Jet Fuel Stations: A €1.5 Billion Deal for Financial Investors
Financial investors acquisition of jet refueling facilities
If you've got the dough, you might as well fuel up! The glitzy world of finance is making a splash in the sector of Jet-branded gas stations, splashing out about 1.5 billion euros to be exact, in Germany and Austria. The deal, a 65% majority stake, is being bought by a consortium, led by none other than the investment titans - Energy Equation Partners (UK) Limited and Stonepeak Partners LP.
A whopping 970 service stations are included in this mega-deal, with 843 proudly bearing the Jet brand. What's more, Philips 66, the original seller, intends to stay in the game, retaining a 35% stake through a fresh joint venture[4]. The proceeds of the sale will help Philips 66 pay off debt and delight its shareholders with a little extra cash, the company declared. Keep your eyes peeled for the deal to be finalized in the second half of the year.
Philips 66 is starting to feel the heat from Elliott Investment Management, a determined investment firm, which has been pushing for changes like spinning off some business segments[5]. The announcement of the sale came just days before the annual general meeting, where shareholders will vote on the composition of the supervisory board and other important matters[2].
[1] https://www.energy-equation.com/[2] https://www.stonepeak.com/[3] https://phillips66.com/[4] A fresh joint venture means a new organization formed by two or more parties, in this case, Philips 66 and the new majority stakeholders, for the purposes of carrying out a specific business operation together.[5] Elliott Investment Management is an activist investment firm based in New York that specializes in pressing companies to make changes aimed at increasing their value, such as spinning off business segments.
For financial investors like Energy Equation Partners (UK) Limited and Stonepeak Partners LP, this €1.5 billion deal offers a significant opportunity to fuel their portfolios, as they acquire a 65% majority stake in Jet-branded gas stations in Germany and Austria, with 970 service stations included, 843 of which are branded Jet. In the finance realm, this transaction demonstrates the growing interest in the jet fuel station sector.
