BP to Buy TravelCenters of America for $1.3 Billion
17 February 2023 - 12:45AM
Dow Jones News
By Colin Kellaher
TravelCenters of America Inc. on Thursday said it agreed to be
acquired by U.K. oil giant BP PLC in a deal valued at about $1.3
billion.
BP is paying $86 a share in cash for TravelCenters, a roughly
74% premium to Wednesday's closing price of $49.44 for the
Westlake, Ohio, operator of the TA, Petro Stopping Centers and TA
Express travel-center brands.
The deal is slated to close by mid-year.
TravelCenters, which has 281 locations in 44 states, said it
launched a formal process to consider a potential sale after
receiving unsolicited expressions of interest, adding that the
process included competitive rounds of bidding culminating in the
BP deal.
BP has more than 7,500 U.S. locations in 33 states operating
under the bp, Amoco, Thorntons and ARCO brands.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 16, 2023 08:30 ET (13:30 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Bp (LSE:BP.)
Historical Stock Chart
From May 2023 to Jun 2023
Bp (LSE:BP.)
Historical Stock Chart
From Jun 2022 to Jun 2023
