Phillips 66 to sell its 49% stake in Coop Mineraloel to a Swiss joint venture partner for $1.24 billion | 14.10.24

(RTTNews) – Phillips 66 (PSX) said its subsidiary, Phillips 66 Limited, has agreed to sell its 49% non-operating stake in Coop Mineraloel AG to its Swiss joint venture partner. It will receive cash of 1.06 billion Swiss francs or about $1.24 billion consisting of a sale price of 1.0 billion Swiss francs or about $1.17 billion and an assumed dividend of 60 million Swiss francs or about $70 million for fiscal year 2024 to be paid on or before closing. The sale price is subject to adjustment depending on the amount of the dividend.

Coop Mineraloel operates 324 points of sale and gas stations throughout Switzerland.

Phillips 66 noted that proceeds from the sale will support the company’s strategic priorities, including returns to shareholders.

The transaction is subject to the approval of the Swiss Competition Commission. It is expected to close in the first quarter of 2025.