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


(END) Dow Jones Newswires

February 16, 2023 08:30 ET (13:30 GMT)

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