India, May 15 -- Phillips 66 (PSX), an integrated downstream energy provider, announced Thursday that its subsidiary, Phillips 66 Continental Holding GmbH, has entered into a definitive agreement to divest a 65 percent interest in its Germany and Austria retail marketing business, including JET-branded sites.
The company is selling the stake to a consortium owned by subsidiaries of investment firms Energy Equation Partners and Stonepeak.
The deal values the Germany and Austria retail marketing business at an enterprise value of approximately 2.5 billion euros or about $2.8 billion.
The transaction is expected to close in the second half of 2025, subject to regulatory approvals and other customary conditions.
Phillips 66 expects to recei...