Simpson Thacher is advising Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets on its joint venture with Energy Equation Partners (“EEP”), a newly formed investment firm with significant expertise in fuel retail, 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 €2.5 billion. Phillips 66 will retain a 35% minority interest in JET as part of the transaction through a newly formed joint venture.
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.
The Simpson Thacher team included Paul Foote, Diogo Filipe and Rob Williams (M&A); Sarah Lindley, Jonathan Goldstein, Chris Dorman, Preston Irace and Jemma Li (Tax); Josh Buckland, Pauline Patat, Lina Kim and Alysha Hoare (Antitrust); and Meredith Abrams, Fraser Padmore, Zachary Krause and Oliver Kwon (Funds).