Stonepeak, EEP Acquire Majority Stake in JET Tankstellen Deutschland for €2.5B
Stonepeak and Energy Equation Partners (EEP) have entered into an agreement to acquire a majority interest in JET Tankstellen Deutschland, a leading fuel retailer in Germany and Austria, from a Phillips 66 subsidiary. The deal, valuing JET at €2.5 billion ($2.8 billion), includes Phillips 66 retaining a 35% minority stake through a new joint venture. The transaction is slated to close in the second half of 2025.
JET operates 970 service stations, serving over 700,000 daily customers. Its network, concentrated in urban and high-traffic areas, offers fuel, convenience stores, car washes, and a growing electric vehicle charging infrastructure.
Javed Ahmed, managing partner of EEP, said the partnership aims to build on JET’s existing platform. “We will work with the JET team to strengthen its position in fuel and non-fuel retail across Germany and Austria,” Ahmed stated.
EEP, a new player in energy investments, focuses on transitioning established energy companies toward sustainable models, with its founding team having deployed over $10 billion in equity globally. Stonepeak, managing $73 billion in assets, targets defensive infrastructure, energy, and real estate investments, recently committing $1.5 billion to launch Montera Infrastructure, a data center venture.
Legal guidance was provided by Akin Gump Strauss Hauer & Feld and Hengeler Mueller, with Paul, Weiss, Rifkind, Wharton & Garrison as financing counsel for Stonepeak and EEP.
