Billion-euro deal: Stonepark and EEP acquire 65 percent of Jet filling stations

Frank­furt a. Main — Henge­ler Muel­ler advi­ses Ston­e­peak and Energy Equa­tion Part­ners on the acqui­si­tion of a majo­rity stake in JET. The US oil company Phil­lips 66 is dive­s­t­ing its majo­rity stake in its Jet gas stati­ons in Germany and Austria. A consor­tium consis­ting of the invest­ment firms Energy Equa­tion Part­ners and Ston­e­peak is acqui­ring 65 percent of the busi­ness. As part of the tran­sac­tion, the petrol station network is valued at around 2.5 billion euros. 

Ston­e­peak, a leading invest­ment firm with a parti­cu­lar focus on the infra­struc­ture and real estate sectors, and Energy Equa­tion Part­ners (“EEP”), an invest­ment firm with parti­cu­lar exper­tise in the fuel retail sector, have announ­ced an agree­ment to acquire a majo­rity stake in JET Tank­stel­len Deutsch­land GmbH (“JET”) from a subsi­diary of Phil­lips 66 (NYSE: PSX). JET is a leading fuel retailer in Germany and Austria and is valued at appro­xi­m­ately EUR 2.5 billion as part of the tran­sac­tion. Phil­lips 66 will retain a mino­rity stake of 35% in JET through a newly formed joint venture. 

The tran­sac­tion is expec­ted to be comple­ted in the second half of 2025 and is subject to custo­mary closing conditions.

Henge­ler Muel­ler advi­sed Ston­e­peak and EEP toge­ther with Akin Gump Strauss Hauer & Feld LLP on the transaction.

Henge­ler Muel­ler team for Ston­e­peak and EEP

Corporate/M&A: Dr. Georg Frowein, photo © HM (Lead, Part­ner), Guglielmo Ziani (Senior Asso­ciate), Lukas Buch­waldt, Laura Esmaty, Lukas Sengül­sen, Dr. Philip Falk (all Asso­ciate, all Frankfurt),

Tax law: Dr. Sebas­tian Adam (Part­ner, Frank­furt), Miriam Fried­richs (Asso­ciate, Munich),

Employ­ment law: Hendrik Bocken­hei­mer (Part­ner), Musa Müjdeci (Senior Asso­ciate, both Frankfurt),

Real Estate Law: Jean Fried­rich Härtelt, Dr. Talbot Zander (both Asso­ciate, both Frankfurt),

Anti­trust law: Dr. Sebas­tian Dwor­schak (Part­ner), Jonas Sill­mann (Asso­ciate, both Düsseldorf),

FDI: Dr. Jan Bonhage (Part­ner, Berlin), Jan Schül­ting (Senior Asso­ciate, Düsseldorf),

Supply contracts: Andreas Breier (Coun­sel, Berlin),

Public Commer­cial Law/Regulation: Dr. Rebecca Klein (Senior Asso­ciate, Düssel­dorf), Dr. Matthias Schindl­beck, Anna­lena Nink (both Asso­cia­tes, both Berlin),

IP/IT: Dr. Matthias Roth­kopf (Part­ner), Nina Macken­stedt (Asso­ciate, both Düsseldorf),

Data protec­tion: Dr. Michael Schramm (Part­ner), Johan­nes Jäkle, Tanja Peschen (both Asso­ciate, all Düsseldorf).