Phillips 66 to divest 65% stake in Germany/Austria JET retail for ~€2.5B enterprise value

Phillips 66

Enterprise value ~€2.5B ($2.8B); pre-tax cash proceeds ~€1.5B ($1.6B) after adjustments.
Implied EV/EBITDA multiple of 9.1x based on expected 2025 EBITDA.
Phillips 66 retains a non-operated 35% interest in the new joint venture.
Includes 970 sites (843 JET-branded); expected close in second half of 2025.
Proceeds to be used for debt reduction and shareholder returns; multi-year supply agreement with MiRO refinery.

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