JET majority acquisition

Stonepeak and Energy Equation Partners completed their acquisition of a combined 65% interest in JET on 1 December 2025. Phillips 66's subsidiary sold the stake in the German and Austrian fuel retailer. The announcement values the entire business at approximately EUR2.5 billion enterprise value; this figure is not the equity cheque paid by Stonepeak alone. Phillips 66 retains the minority interest. The partners plan to support JET's service-station network and growth, drawing on energy and fuel-retail experience. Akin Gump and Hengeler Mueller provided legal advice to the buyers, while Paul Weiss provided financing counsel. Stonepeak's individual ownership split within the buyer consortium was not disclosed.