Hengeler Mueller advises Stonepeak and Energy Equation Partners on acquisition of majority interest in JET

Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Energy Equation Partners (“EEP”), a newly formed investment firm with significant expertise in fuel retail, today announced an agreement 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.

The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals.

Hengeler Mueller advised Stonepeak and EEP in a joint team with Akin Gump Strauss Hauer & Feld LLP on the acquisition.

Hengeler Mueller-team for Stonepeak and EEP

Corporate/M&A: Georg Frowein (lead, partner), Guglielmo Ziani (senior associate), Lukas Buchwaldt, Laura Esmaty, Lukas Sengülsen, Philip Falk (all associate, all Frankfurt),

Tax: Sebastian Adam (partner, Frankfurt), Miriam Friedrichs (associate, Munich),

Employment: Hendrik Bockenheimer (partner), Musa Müjdeci (senior associate, both Frankfurt),

Real Estate: Jean Friedrich Härtelt, Talbot Zander (both associate, both Frankfurt),

Antitrust: Sebastian Dworschak (partner), Jonas Sillmann (associate, both Düsseldorf)

FDI: Jan Bonhage (partner, Berlin), Jan Schülting (senior associate, Düsseldorf),

Supply Agreement: Andreas Breier (counsel, Berlin),

Regulatory: Rebecca Klein (senior associate, Düsseldorf), Matthias Schindlbeck, Annalena Nink (both associate, both Berlin),

IP/IT: Matthias Rothkopf (partner), Nina Mackenstedt (associate, both Düsseldorf),

Data Protection: Michael Schramm (partner), Johannes Jäkle, Tanja Peschen (both associate, all Düsseldorf).