BP pays huge premium to acquire TravelCenters of America for $1.3bn

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16/02/2023

TravelCenters of America (TA), the nationwide operator/franchisor of the TA, Petro Stopping Centers and TA Express travel center brands, as well as the largest, public full-service truck stop company in the US, today announced to have agreed to merge with oil behemoth BP, pursuant to “which BP will acquire all of the outstanding shares of TA common stock for $86 per share in cash. The sale price represents an 84% premium to the average trading price of the 30 days ended February 15, 2023 of $46.68. The total equity value is approximately $1.3 billion.”

The deal is subject to shareholder and regulatory approval and is expected to close by mid-year.

In his prepared remarks, TA CEO Jonathan M. Pertchik said:

“Today’s announcement that BP is acquiring TA for $86 per share is a result of the successful implementation of our turnaround and strategic plans. We have improved our core travel center business, expanded our network, launched eTA to prepare for the future of alternative fuels and improved our operating and financial results, none of which we could have accomplished without the hard work and dedication of our employees at every level.”

The full release is here.