Stonepeak to Acquire Majority Stake, Alongside Energy Equation Partners, in JET in €2.5 Billion Deal

Paul, Weiss advised Stonepeak on the financing of its acquisition, alongside newly created investment firm Energy Equation Partners, of JET Tankstellen Deutschland GmbH, a leading fuel retailer in Germany and Austria, from a subsidiary of Phillips 66. The deal values the company at approximately €2.5 billion. Phillips 66 will retain a 35% minority interest in JET through a newly formed joint venture. The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals.

The Paul, Weiss team was led by corporate partners Neel Sachdev and Matthew Merkle and included Eric Wedel and Timothy Cruickshank; and tax partner Timothy Lowe.