Phillips 66 To Sell Its 49% Stake In Coop Mineraloel To Swiss Joint Venture Partner For $1.24 Bln

(RTTNews) - Phillips 66 (PSX) said that 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 about $1.24 billion consisting of a 1 billion Swiss franc sales price or about $1.17 billion and an assumed dividend of 60 million Swiss francs or about $70 million 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.

Coop Mineraloel operates 324 retail sites and petrol stations across Switzerland.

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

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