JET to Sell Majority Interest to Stonepeak and Energy Equation Partners
Deal News | May 15, 2025 | Stonepeak
Stonepeak, a prominent alternative investment firm with a focus on infrastructure and real assets, along with Energy Equation Partners (EEP), an investment entity experienced in fuel retail, have agreed to acquire a majority interest in JET Tankstellen Deutschland GmbH. This acquisition is from a Phillips 66 subsidiary and involves a total enterprise value of approximately $2.5 billion. Phillips 66 will maintain a minority 35% share through a newly formed joint venture. JET, one of Germany's and Austria's major fuel retailers, operates a network of 970 service stations and serves over 700,000 customers daily. The acquisition will allow Stonepeak and EEP to leverage their combined expertise to further strengthen and grow JET in both fuel and non-fuel retail spaces. Legal advice was provided by Akin Gump Strauss Hauer & Feld LLP, Hengeler Mueller, and Paul, Weiss, Rifkind, Wharton & Garrison LLP. Subject to regulatory approvals, the transaction is expected to conclude in the latter half of 2025.
Sectors
- Energy
- Infrastructure
- Investment Management
Geography
- Germany – JET Tankstellen operates primarily in Germany, making it a central location of the business and acquisition.
- Austria – JET also operates in Austria, marking it as another significant area of the company's operations.
- United States – The sellers, Phillips 66, and one of the main buyers, Stonepeak, are based in the U.S., indicating key jurisdictional involvement.
Industry
- Energy – The transaction involves fuel retailing, indicating a strong presence in the energy sector, including traditional fuel distribution and evolving energy solutions like EV charging.
- Infrastructure – Stonepeak's specialization in infrastructure is relevant as JET operates a significant network of fuel stations which are critical infrastructure assets.
- Investment Management – This acquisition is driven by investment firms Stonepeak and Energy Equation Partners, highlighting the role of private equity in infrastructure and energy sectors.
Financials
- 2.5 billion – The enterprise value of the transaction for JET.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Stonepeak | Acquiring Company | Company | An alternative investment firm specializing in infrastructure and real assets. |
| Energy Equation Partners | Acquiring Company | Company | A newly formed investment firm with expertise in fuel retail, focusing on the energy sector. |
| Phillips 66 | Selling Company | Company | An energy manufacturing and logistics company that sold a majority interest in JET. |
| JET Tankstellen Deutschland GmbH | Target Company | Company | One of the leading fuel retailers operating in Germany and Austria. |
| Akin Gump Strauss Hauer & Feld LLP | Legal Advisor | Company | Served as legal counsel to Stonepeak and EEP. |
| Hengeler Mueller | Legal Advisor | Company | Served as legal counsel to Stonepeak and EEP. |
| Paul, Weiss, Rifkind, Wharton & Garrison LLP | Financing Counsel | Company | Served as financing counsel to Stonepeak and EEP. |