Stonepeak and Energy Equation Partners acquired a 65% interest in JET Tankstellen Deutschland GmbH, a fuel retailer in Germany and Austria, from a subsidiary of Phillips 66 (NYSE: PSX).
The deal is valued at around €2.5 billion (about $2.9 billion).
Phillips 66 will retain a 35% minority interest in JET as part of the deal through a newly formed joint venture. JET is one of the largest fuel retailers in Germany and Austria, serving more than 700,000 customers daily with quality products at fair prices through a network of 970 service stations.