Stonepeak and Energy Equation Partners (EEP), a newly formed investment firm with significant expertise in fuel retail, have agreed to acquire a majority interest in JET Tankstellen Deutschland, a fuel retailer in Germany and Austria, from a subsidiary of Phillips 66. The transaction gives the business an enterprise value of approximately €2.5 billion ($2.8 billion).
As part of the transaction, Phillips 66 will retain a 35 percent minority interest in JET 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 through a network of 970 service stations. Located primarily in urban and high-traffic areas, JET also operates convenience stores, car washes and a rapidly growing EV charging network. The company has been named Germany’s most popular gas station brand by YouGov Deutschland for 15 years in a row.
“JET’s high-quality network of critical infrastructure assets is
