Key Takeaways
- • Stonepeak and Energy Equation Partners have completed acquisition of a 65% majority stake in JET Tankstellen Deutschland GmbH, a leading fuel retailer operating across Germany and Austria, in a transaction valued at approximately €2.5 billion enterprise value.
- • Phillips 66 divested its majority interest in JET while retaining a 35% minority stake through a newly formed joint venture, allowing the energy major to reduce exposure while maintaining a financial interest in the business.
- • The deal positions Stonepeak ($80 billion AUM) and Energy Equation Partners to leverage their combined infrastructure and fuel retail expertise to drive energy transition initiatives and operational improvements across JET's extensive service station network.
- • Legal counsel included Akin Gump Strauss Hauer & Feld LLP and Hengeler Mueller for the buyers, with Paul, Weiss, Rifkind, Wharton & Garrison LLP providing financing counsel to Stonepeak and EEP.
Summary
Stonepeak, an alternative investment firm with approximately $80 billion in assets under management specializing in infrastructure and real assets, and Energy Equation Partners, an investment firm with significant fuel retail expertise, have completed the acquisition of a 65% stake in JET Tankstellen Deutschland GmbH from a Phillips 66 subsidiary. The transaction, which closed on December 1, 2025, values the business at an enterprise value of approximately €2.5 billion and marks a significant strategic reshaping of ownership in one of Germany and Austria's leading fuel retailers.
As part of the deal structure, Phillips 66 (NYSE: PSX) divested its majority interest while retaining a 35% minority stake through a newly formed joint venture. This arrangement allows the energy corporation to maintain financial exposure to JET while reducing operational control, a common approach in large-scale energy infrastructure transactions where majority holders seek to optimize capital allocation or refocus business strategy.
Energy Equation Partners' Managing Partner Javed Ahmed characterized the investment as reflective of the firm's commitment to backing "established players in the energy sector who have the potential to make a meaningful impact on the energy transition." Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak, emphasized that JET's "extensive network of service stations, trusted brand, and the combined expertise" of the two investors position the business well to continue serving customers across both markets while pursuing transition-focused operational enhancements.
The transaction was supported by leading legal and financing advisors: Akin Gump Strauss Hauer & Feld LLP and Hengeler Mueller served as legal counsel to the buyers, while Paul, Weiss, Rifkind, Wharton & Garrison LLP provided financing counsel. The deal reflects continued institutional investor appetite for established energy infrastructure assets with stable cash flows and transition positioning, particularly in European fuel retail where regulatory and consumer pressures are reshaping competitive dynamics.
As part of the deal structure, Phillips 66 (NYSE: PSX) divested its majority interest while retaining a 35% minority stake through a newly formed joint venture. This arrangement allows the energy corporation to maintain financial exposure to JET while reducing operational control, a common approach in large-scale energy infrastructure transactions where majority holders seek to optimize capital allocation or refocus business strategy.
Energy Equation Partners' Managing Partner Javed Ahmed characterized the investment as reflective of the firm's commitment to backing "established players in the energy sector who have the potential to make a meaningful impact on the energy transition." Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak, emphasized that JET's "extensive network of service stations, trusted brand, and the combined expertise" of the two investors position the business well to continue serving customers across both markets while pursuing transition-focused operational enhancements.
The transaction was supported by leading legal and financing advisors: Akin Gump Strauss Hauer & Feld LLP and Hengeler Mueller served as legal counsel to the buyers, while Paul, Weiss, Rifkind, Wharton & Garrison LLP provided financing counsel. The deal reflects continued institutional investor appetite for established energy infrastructure assets with stable cash flows and transition positioning, particularly in European fuel retail where regulatory and consumer pressures are reshaping competitive dynamics.
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