Phillips 66 announced its subsidiary, Phillips 66 Limited, entered into a definitive agreement to sell its 49% non-operated equity interest in Coop Mineraloel AG (CMA) to its Swiss joint venture partner. The transaction is valued at approximately $1.24 billion in cash.
The total proceeds include a $1.17 billion sales price and an assumed dividend of $70 million for the 2024 financial year, payable at or prior to closing. This sale marks significant progress in Phillips 66's commitment to divest over $3 billion in non-core assets.
CMA operates 324 retail sites and petrol stations across Switzerland, and the divestiture is expected to close in the first quarter of 2025, subject to approval by the Swiss Competition Commission. Proceeds from the sale will support Phillips 66's strategic priorities, including returns to shareholders.
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