Dropping a Bomb on the Fuel Market: Financial Giants Snatch Jet Stations for 1.5 Billion Euros
Financial investors acquire jet refueling facilities.
Hop into your ride, folks! The fuelling giants Jet have been sold for a staggering €1.5 billion to a formidable consortium of financial powerhouses. The buyout group consists of Energy Equation Partners and Stonepeak - two investment titans not to be trifled with.
The acquisition sees a whopping 970 fuel stations changing hands, with a whopping 843 of them operating under the iconic Jet brand. Worry not, as Phillips 66, the previous owners, are still planning to keep a 35% stake through the creation of a new joint venture. The sale's proceeds will be used to tackle Phillips 66's debt and distribute profits to their shareholders, according to an official statement. The deal is expected to be finalized in the latter half of the year.
Phillips 66 is no stranger to pressure. An investment firm by the name of Elliott has been breathing down their necks, demanding changes such as the separation of distinct business units. Amid this pressure cooker environment, the sale announcement dropped just days before the annual general meeting, where the supervisory board’s composition will be up for a vote [1][2][4].
[1] (source: ntv.de, dpa)[2] The buyer consortium includes Energy Equation Partners and Stonepeak.[4] Phillips 66 will retain a 35% stake through a newly formed joint venture.
For billions of euros, financial investors Energy Equation Partners and Stonepeak have financed the acquisition of jet refuelling stations from Phillips 66, amounting to a staggering 1.5 billion euros. The deal is set to impact the finance of Phillips 66, as they aim to use the proceeds to manage debt and distribute profits to shareholders.
