The divestiture comes as Phillips continues to consolidate its portfolio to fit with its long-term strategy, Chairman and CEO Mark Lashier said in the press release. (Source: Shutterstock)
Phillips 66 Ltd. is selling its 49% non-operated equity interest in Switzerland’s Coop Mineraloel AG (CMA) to its joint venture partner.
CMA is an operator of 324 retail sites and petrol stations in Switzerland.
Phillips 66 will receive 1.06 billion Swiss francs (US$1.24 billion) in cash from the transaction, including 1 billion Swiss francs (US$1.17 billion) and an assumed dividend of 60 million Swiss francs (US$70 million), subject to adjustment based on the amount of the dividend.
The divestiture comes as Phillips continues to consolidate its portfolio to fit with its long-term strategy, Chairman and CEO Mark Lashier said in the press release.
“This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures,” Lashier said. “As we manage our portfolio, we will continue to evaluate monetization of assets that no longer fit our long-term strategy.”
The transaction is expected to close in the first quarter of 2025 and is subject to approval by the Swiss Competition Commission.
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