Phillips 66 (NYSE:PSX) subsidiary Phillips 66 Continental Holding GmbH agreed to divest a 65% interest in its Germany and Austria retail marketing business, including JET-branded sites.
The buyer is a consortium owned by subsidiaries of investment firms Energy Equation Partners and Stonepeak. Phillips 66 will retain a non-operated 35% interest in the business through a newly formed joint venture.
The deal values the Germany and Austria retail marketing business at around $2.8 billion. Phillips 66 expects to receive pre-tax cash proceeds of around $1.6 billion, after customary purchase price adjustments.
The Germany and Austria retail business includes 970 sites, of which 843 are JET-branded sites.