As part of its announced $3 billion program of divestitures, Phillips 66 announced today that it is divesting its 49 percent interest in Coop Mineraloel AG, a Swiss joint venture that operates 324 food-and-gas locations across Switzerland. The buyer is Swiss food retailer Coop, Phillips’ partner in the joint venture known as Coop Pronto. Under the agreement, Phillips 66 will receive approximately $1.24 billion, which includes an assumed dividend for 2024.
“This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures,” said Mark Lashier, chairman and CEO of Phillips 66. “As we manage our portfolio, we will continue to evaluate monetization of assets that no longer fit our long-term strategy.”
The transaction is subject to approval by the Swiss Competition Commission. It is expected to close in the first quarter of 2025.
Houston-based Phillips 66 was advised by Gibson Dunn & Crutcher on the transaction led by partners Wilhelm Reinhardt and Georg Weidenbach in Frankfurt along with Houston partners Tull Florey and Hillary Holmes. The team also included of counsel Jakob Egle in London, and associates Jan Vollkammer in Frankfurt and Freddie Wright in London. Munich/Frankfurt Partner Benjamin Rapp is advising on tax aspects.
Gibson Dunn worked with Phillips 66 managing counsel Maine Goodfellow on the deal.