Phillips 66 agrees to sell interest in Switzerland-based joint venture
Phillips 66 has announced that its subsidiary, Phillips 66 Ltd., has entered into a definitive agreement to sell its 49% non-operated equity interest in Coop Mineraloel AG (CMA) to its Swiss joint venture partner.
It will receive cash of 1.06 B Swiss francs (approximately $1.24 B) consisting of a 1 B Swiss franc sales price (approximately $1.17 B) and an assumed dividend of 60 MM Swiss francs (approximately $70 MM) for financial year 2024 to be paid at or prior to closing. The sales price is subject to adjustment based on the amount of the dividend.
“This transaction marks significant progress in delivering on our commitment of over $3 B 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.”
CMA operates 324 retail sites and petrol stations across Switzerland.
Proceeds from the sale will support the strategic priorities of Phillips 66, including returns to shareholders.
The transaction is subject to approval by the Swiss Competition Commission. It is expected to close in 1Q 2025.
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