DLA Piper advises on W&I Insurance in landmark JET fuel stations network deal
DLA Piper has advised on the Warranty & Indemnity (W&I) insurance for a leading insurer in connection to the acquisition of a majority interest in the JET fuel stations network in Germany and Austria by a consortium of Stonepeak and Energy Equation Partners (EEP). JET is one of the largest fuel retailers in Germany and Austria, serving more than 700,000 customers daily through a network of 970 service stations.
The transaction sees the consortium acquire a 65% stake in the JET network from Phillips 66, with Phillips 66 retaining a 35% interest. The deal, which values the entire network at approximately EUR2.5 billion is expected to close in the second half of 2025, subject to customary regulatory approvals.
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately USD73 billion of assets under management. Energy Equation Partners is an energy specialist investment firm focused on the energy sector.
A cross-border and multi-practice team from DLA Piper’s UK and Germany offices worked on the transaction led by partners Laura Marcelli (Corporate, PICTURED LEFT), Björn Enders (Tax, PICTURED CENTER) and Fabian Mühlen (Real Estate, PICTURED RIGHT). The team also comprised counsel Moritz Mursa (Real Estate), and senior associate Florian Hader (Tax).
Warranty & Indemnity insurance has become an increasingly vital instrument in M&A transactions. It provides cover for breaches of warranties given by the seller in a sale and purchase agreement. For the buyer, it can supplement or replace the seller’s liability, offering a cleaner exit for the seller and greater certainty for the buyer. In complex, high-value deals such as this, W&I insurance facilitates smoother negotiations and a more efficient allocation of risk between the parties involved.
This successful instruction underscores DLA Piper’s expertise in navigating the complex W&I insurance landscape within major cross-border M&A transactions.
