New owner for German Jet gas stations

The Jet brand gas station business in Germany and Austria is being sold to financial investors. The US company Philips 66 is selling a 65 percent majority stake for approximately €1.5 billion. The buyer is a consortium backed by the investment firms Energy Equation Partners and Stonepeak.

The sale will involve 970 gas stations, 843 of which operate under the Jet brand. Philips 66 intends to retain the remaining 35 percent stake through a new joint venture. The proceeds from the sale will help reduce debt and will also be used in part as a distribution to shareholders, Philips 66 announced. The company expects the sale to be completed in the second half of the year.

Philips 66 is under pressure from investment firm Elliott, which is demanding changes such as the spin-off of business units. Philips 66 announced the Jet sale just days before the company's annual general meeting, where, among other things, the composition of the board of directors will be voted on.

RND/dpa