Phillips 66 has signed an agreement to divest its 49 percent stake in a network of over 300 refueling stations and convenience stores in Switzerland and Liechtenstein to its Swiss co-venturer.
Valued about $1.24 billion, the cash transaction for Coop Mineraloel AG is expected to close in the first quarter of 2025, subject to approval by the Swiss Competition Commission. Coop Group, currently the 51 percent owner, owes around $1.17 billion in sales price and approximately $70 million in assumed dividends for 2024.
Coop Mineraloel had CHF 2.7 billion ($3.1 billion) in net revenue last year. The fueling stations included five serving hydrogen as of 2023, according to online information from the joint venture.
Phillips 66 remains a hydrogen investor in Europe through stakes in related projects in Austria, Denmark, Germany and the United Kingdom
Fu;; story Phillips 66 to Sell Swiss Fuel Retailer for $1.2 Billion | Rigzone
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