(Reuters) -Phillips 66 will sell its 49% non-operated equity interest in Coop Mineraloel AG to its Swiss joint venture partner for $1.24 billion, the U.S. refiner said on Monday.
The joint venture operates 324 retail sites and petrol stations across Switzerland.
“This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures,” Phillips 66 CEO Mark Lashier said in a statement.
The company said it would receive $1.17 billion as sales price and $70 million as assumed dividend for current year to be paid at or prior to closing.
The transaction is expected to close in the first quarter of 2025.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Sriraj Kalluvila)
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