Phillips 66 sells 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 percent non-operated equity interest in Coop Mineraloel AG to its Swiss joint venture partner. It will receive cash of 1.06 billion Swiss francs or approximately $1.24 billion, consisting of a sale price of 1 billion Swiss francs or approximately $1.17 billion and a deemed dividend of 60 million Swiss francs or approximately $70 million for the fiscal year 2024, payable on or before closing. The sales price can be adjusted based on the amount of the dividend.

Coop Mineraloel operates 324 stores and petrol stations throughout Switzerland.

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

The transaction is subject to approval by the Swiss Competition Commission. The expectation is that the doors will close in the first quarter of 2025.