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CMS has advised Phillips 66 on the sale by its subsidiary, Phillips 66 Continental Holding GmbH, of a 65 per cent interest in its Germany and Austria retail marketing business, including JET-branded sites, to a consortium owned by subsidiaries of investment firms Energy Equation Partners and Stonepeak.
Phillips 66 will retain a 35% non-operated interest in the business through a newly formed joint venture. The transaction values the business at approximately €2.5 billion (c. USD 2.8bn) and is expected to close in the second half of 2025, subject to regulatory approvals and customary conditions.
Headquartered in Houston, Phillips 66 is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. Phillips 66 expects to receive pre-tax cash proceeds of approximately EUR 1.5bn (c. USD 1.6bn) after customary purchase price adjustments, which will be used to support its strategic priorities, including debt reduction and shareholder returns.
Ted Rhodes, CMS Energy and Infrastructure Partner, commented: “We are delighted to advise Phillips 66 on this strategic sale, which will help to optimise their portfolio and enhance shareholder value. This transaction is a significant milestone, and we are proud to have played a role in its successful execution. Throughout this project, we leveraged our sector expertise and multijurisdictional capabilities to support our client and help ensure a successful outcome.”
A large multijurisdictional team advised Phillips 66 on this transaction, led by Ted Rhodes (CMS UK), Hilke Herchen (CMS Germany) and Clemens Grossmayer (CMS Austria).
With over 800 energy and climate change lawyers working across 84 offices, the CMS Energy & Climate Change practice is one of the largest of its kind in the world and has been at the forefront of advising clients on complex and high value transactions in the sector for over 30 years.
