The transaction includes 970 fuelling stations, with 843 operating under the JET brand. The deal marks another major private equity-led carve-out from a global corporate undergoing strategic realignment, as Phillips 66 responds to mounting shareholder pressure to streamline operations and unlock value. Phillips 66 will retain a 35% non-operating stake in the newly formed joint venture and has secured a multi-year fuel supply agreement from its MiRO refinery in Karlsruhe, ensuring continued revenue from fuel sales. The divestment follows pressure from activist investor Elliott Investment Management, which holds a $2.5bn stake in Phillips 66 and is pushing for broader structural reforms. Elliott has called for the company to shed non-core assets and is lobbying for board representation at the upcoming annual general meeting on 21 May, with support from proxy advisory firms ISS and Glass Lewis. Phillips 66 expects to receive approximately $1.6bn in pre-tax cash proceeds from the...
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