Stonepeak and Energy Equation Partners completed their acquisition of a 65% interest in JET Tankstellen Deutschland, the fuel retailer operating in Germany and Austria, according to a press release statement.
The transaction values JET at an enterprise value of approximately €2.5 billion. The buyers acquired the majority stake from a subsidiary of Phillips 66 (NYSE: PSX).
JET operates a network of service stations across Germany and Austria. The company was previously owned by Phillips 66, which retains a minority interest following the transaction.
Stonepeak is an alternative investment firm specializing in infrastructure and real assets with approximately $80 billion of assets under management. The firm focuses on investments in sectors including digital infrastructure, energy and energy transition, transport and logistics, and real estate.
Energy Equation Partners is an investment firm focusing on energy sector companies. The firm's principals have deployed over $10 billion across the energy value chain over the past two decades.
Full story Stonepeak and Energy Equation Partners acquire majority stake in German fuel retailer JET
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