BP (NYSE:BP) on Thursday agreed to acquire TravelCenters of America (NASDAQ:TA) for $86/share in cash, valuing the operator of travel centers and truck service facilities in North America at ~$1.3B; shares are halted.
The $86/share sale price represents an 84% premium to the average trading price of the 30 days ended February 15.
The acquisition will add ~280 TravelCenters of America (TA) sites spanning 44 U.S. states into the BP (BP) portfolio.
BP (BP) expects the deal will immediately add EBITDA, growing to ~$800M in 2025.
The sale must be approved by shareholders who own a majority of TA’s shares outstanding; Service Properties Trust (SVC), which owns 7.8% of shares outstanding, and RMR Group (RMR), which owns 4.1% of shares outstanding, both have agreed to vote their shares in favor of the sale.
Earlier this week, BP (BP) unveiled plans to spend $1B by 2030 on electric vehicle charge points across the U.S.
BP buys TravelCenters of America in $1.3B deal
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