Phillips 66 To Sell 65% Stake In Germany And Austria Retail Marketing Business

(RTTNews) - Phillips 66 (PSX), an integrated downstream energy provider, announced Thursday that its subsidiary, Phillips 66 Continental Holding GmbH, has entered into a definitive agreement to divest a 65 percent interest in its Germany and Austria retail marketing business, including JET-branded sites.

The company is selling the stake to a consortium owned by subsidiaries of investment firms Energy Equation Partners and Stonepeak.

The deal values the Germany and Austria retail marketing business at an enterprise value of approximately 2.5 billion euros or about $2.8 billion.

The transaction is expected to close in the second half of 2025, subject to regulatory approvals and other customary conditions.

Phillips 66 expects to receive pre-tax cash proceeds of approximately 1.5 billion euros or around $1.6 billion, after customary purchase price adjustments. The proceeds will be used to support the company's strategic priorities, including debt reduction and shareholder returns.

Following the deal, Phillips 66 will retain a non-operated 35 percent interest in the business through a newly formed joint venture.

The Germany and Austria retail business includes 970 sites, of which 843 are JET-branded sites.

In connection with the transaction, Phillips 66 will enter into a multi-year agreement to continue to supply the business with products from the Mineraloelraffinerie Oberrhein GmbH & Co. KG (MiRO) Refinery.