Stonepeak and Energy Equation Partners to Acquire Majority Interest in JET from Phillips 66 
 
 
LONDON & HOUSTON--(BUSINESS WIRE)--May 15, 2025-- 
 
   Stonepeak, a leading alternative investment firm specializing in 
infrastructure and real assets, and Energy Equation Partners ("EEP"), a 
newly formed investment firm with significant expertise in fuel retail, 
today announced an agreement to acquire a majority interest in JET 
Tankstellen Deutschland GmbH ("JET"), a leading fuel retailer in Germany 
and Austria, from a subsidiary of Phillips 66 (NYSE: PSX), in a 
transaction valuing the business at an enterprise value of approximately 
EUR2.5 billion. Phillips 66 will retain a 35% minority interest in JET 
as part of the transaction through a newly formed joint venture. 
 
 
   This press release features multimedia. View the full release here: 
https://www.businesswire.com/news/home/20250514028223/en/ 
 
 
   JET is one of the largest fuel retailers in Germany and Austria, serving 
more than 700,000 customers daily with quality products at fair prices 
through a network of 970 service stations. Located primarily in urban 
and high-traffic areas, JET also operates convenience stores, car washes 
and a rapidly growing EV charging network. JET has been named Germany's 
most popular gas station brand by YouGov Deutschland for 15 years in a 
row. 
 
 
   "We are pleased to partner with Phillips 66 and Stonepeak to build on 
the strong foundation of the JET platform," said Javed Ahmed, Managing 
Partner of Energy Equation Partners. "Together with the outstanding JET 
team and its dedicated service station operators, we aim to strengthen 
JET's leadership in both fuel and non-fuel retail across Germany and 
Austria. We are committed to supporting a seamless transition and 
continuing JET's legacy as a key player in the evolving retail energy 
sector." 
 
 
   "JET's high-quality network of critical infrastructure assets is well 
positioned to continue reliably serving the needs of its customers over 
the long-term," said Anthony Borreca, Senior Managing Director and 
Co-Head of Energy at Stonepeak. "Under Phillips 66's ownership, JET has 
grown into one of the largest fuel retailers in Germany and Austria. We 
are excited to join forces with them, as well as Javed and the EEP team, 
who have long-standing experience investing in and operating retail fuel 
distribution and logistics globally, to support the next phase of JET's 
growth." 
 
 
   The transaction is expected to close in the second half of 2025, subject 
to customary regulatory approvals. Akin Gump Strauss Hauer & Feld LLP 
and Hengeler Mueller served as legal counsel to Stonepeak and EEP. Paul, 
Weiss, Rifkind, Wharton & Garrison LLP served as financing counsel to 
Stonepeak and EEP. 
 
 
   About Stonepeak 
 
 
   Stonepeak is a leading alternative investment firm specializing in 
infrastructure and real assets with approximately $73 billion of assets 
under management. Through its investment in defensive, hard-asset 
businesses globally, Stonepeak aims to create value for its investors 
and portfolio companies, with a focus on downside protection and strong 
risk-adjusted returns. Stonepeak, as sponsor of private equity and 
credit investment vehicles, provides capital, operational support, and 
committed partnership to grow investments in its target sectors, which 
include digital infrastructure, energy and energy transition, transport 
and logistics, and real estate. Stonepeak is headquartered in New York 
with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, 
Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, 
please visit www.stonepeak.com. 
 
 
   About Energy Equation Partners 
 
 
   Energy Equation Partners is an energy specialist investment firm that 
seeks to invest in companies that are well established in the energy 
sector and have the potential to play a valuable role in the shift from 
"brown to green". Over the past two decades, the principals of EEP have 
deployed over $10 billion of equity capital across the energy value 
chain globally and have significant experience in fuel retail. 
 
 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250514028223/en/

 
 
    CONTACT:    For Stonepeak: 
 
   Kate Beers / Maya Brounstein 
 
   corporatecomms@stonepeak.com 
 
   +1 (646) 540-5225 
 
 
   For Energy Equation Partners: 
 
   Sari Haidar 
 
   sari@energyequationpartners.com 
 
 
   +44 75 5112 5113 
 
 
 
 
 
 

(END) Dow Jones Newswires

May 15, 2025 09:32 ET (13:32 GMT)