DLA Piper Advises on W&I Insurance for JET Fuel Stations Deal.
DLA Piper has advised a leading insurer on the W&I insurance arrangements for the acquisition of JET Tankstellen Deutschland GmbH (“JET”), one of the most well-known fuel station networks in Germany and Austria.
Investment firms Stonepeak and Energy Equation Partners (EEP) are teaming up to buy a 65% share in JET from Phillips 66. Phillips 66 will hold onto a 35% stake through a new joint venture.
The deal values JET at around €2.5 billion and is expected to close later this year, pending regulatory approval.
W&I insurance plays a crucial role in major M&A transactions. It helps protect buyers from breaches of warranties in the sale agreements, ensuring a smoother process and a clearer exit for sellers while giving buyers peace of mind.
JET operates 970 stations across Germany and Austria, serving over 700,000 customers daily. Its convenient locations, car washes, growing EV charging network, and well-regarded brand have earned it the title of Germany’s favorite gas station from YouGov Deutschland for the past 15 years.
“We are pleased to partner with Phillips 66 and Stonepeak to build on the strong foundation of the JET platform,” said Javed Ahmed, Managing Partner of EEP.
“Together with the outstanding JET team and its dedicated service station operators, we aim to strengthen JET’s leadership in both fuel and non-fuel retail across Germany and Austria.
“We are committed to supporting a seamless transition and continuing JET’s legacy as a key player in the evolving retail energy sector.”
Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak, added: “JET’s high-quality network of critical infrastructure assets is well positioned to continue reliably serving the needs of its customers over the long-term.”
“Under Phillips 66’s ownership, JET has grown into one of the largest fuel retailers in Germany and Austria. We are excited to join forces with them, as well as Javed and the EEP team, who have long-standing experience investing in and operating retail fuel distribution and logistics globally, to support the next phase of JET’s growth.”
DLA Piper’s UK and Germany offices handled the W&I insurance aspects of the deal. The team included Laura Marcelli (Corporate), Björn Enders (Tax), and Fabian Mühlen (Real Estate), supported by Moritz Mursa (Real Estate) and Florian Hader (Tax).
Stonepeak is a global investment firm focused on infrastructure and real assets, managing about $73 billion on behalf of 325+ institutional investors. Founded in 2011 by Michael Dorrell and Trent Vichie, the firm has offices worldwide and focuses on critical sectors such as digital infrastructure, energy transition, transport, and logistics. Stonepeak partners with management teams to build sustainable businesses and long-term value.
Energy Equation Partners (EEP) is a London-based investment firm specializing in the energy sector. Established in 2023, EEP focuses on investing in established energy companies that have the potential to contribute significantly to the transition from traditional (“brown”) to sustainable (“green”) energy sources. The firm’s leadership has a track record of deploying over $10 billion in equity capital across the global energy value chain, with particular expertise in fuel retail, midstream infrastructure, and last-mile distribution systems. EEP’s mission is to support companies that play a valuable role in the evolving energy landscape.
DLA Piper is a global law firm with a strong reputation for providing legal services across a broad spectrum of industries and sectors. With offices in more than 40 countries, the firm offers comprehensive legal solutions in areas such as corporate law, litigation, intellectual property, real estate, and regulatory matters. DLA Piper serves a diverse range of clients, including multinational corporations, governments, and individuals, delivering innovative and strategic advice. The firm is known for its collaborative approach, providing tailored legal expertise to address complex, cross-border issues while maintaining a commitment to exceptional client service.
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