Phillips 66 (PSX) has announced that its subsidiary, Phillips 66 Limited, has entered into an agreement to sell its 49% non-operated equity stake in Coop Mineraloel AG to its joint venture partner in Switzerland. The transaction is valued at approximately 1.06 billion Swiss francs, roughly equivalent to $1.24 billion. This includes a sales price of 1 billion Swiss francs, or about $1.17 billion, along with an assumed dividend of 60 million Swiss francs, or approximately $70 million, intended for the financial year 2024, to be paid by or before the closing of the deal. Please note that the final sales price may be adjusted based on the dividend amount.
Coop Mineraloel manages 324 retail outlets and fuel stations throughout Switzerland.
Phillips 66 has stated that the proceeds from this sale will be used to advance the company's strategic goals, including returning value to its shareholders.
This transaction is pending approval from the Swiss Competition Commission and is anticipated to conclude in the first quarter of 2025.
