Phillips 66 announced its agreement to sell a 65% stake in its German and Austrian fuel retail business to a private equity-led consortium, valuing the unit at $2.8 billion. This move is part of the company's strategy to streamline its portfolio and address pressure from activist investor Elliott Investment Management.
The consortium, comprising Energy Equation Partners and Stonepeak Partners LP, will acquire the majority interest, while Phillips 66 will retain a 35% stake in the business. Approximately 840 of the retail sites operate under Phillips 66’s Jet fueling brand.
The transaction, expected to close in the second half of 2025, will generate substantial proceeds for Phillips 66. This divestiture aligns with the company's commitment to optimizing its asset base and focusing on core strategic priorities, including returning value to shareholders.
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