---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-120396"
form_type: "8-K"
ticker: "PSX"
cik: "0001534701"
company_name: "Phillips 66"
filed_at: "2025-05-15T23:59:59+00:00"
generated_at: "2026-05-21T04:55:48.086746+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-120396
- form_type: 8-K
- ticker: PSX
- cik: 0001534701
- company_name: Phillips 66
- filed_at: 2025-05-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1534701/000119312525120396/0001193125-25-120396-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1534701/000119312525120396/d834733d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-120396
- JSON: https://secwatch.observer/filing/0001193125-25-120396.json
- Plain text: https://secwatch.observer/filing/0001193125-25-120396.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.