Jimmy Haslam, CEO of Pilot Flying J. and Warren Buffett, Chairman and CEO of Berkshire Hathaway.
The Haslam family on Tuesday said its Pilot Corporation had closed the sale of its remaining 20% ownership interest in truck-stop giant Pilot Travel Centers to Berkshire Hathaway .
Terms of the sale were not disclosed. CNBC has requested comment from Berkshire Hathaway.
The sale was announced more than a week after the Haslam family and Berkshire Hathaway announced they had settled a lawsuit in Delaware Chancery Court related to the dispute over the use of an accounting method that would affect the value of the family’s stake in Pilot Travel Centers.
Terms of that out-of-court settlement were not made public at the time.
The settlement had avoided what was scheduled to be a two-day trial beginning Jan. 8.
Berkshire in separate transactions in 2017 and January 2023 had spent $11 billion to buy out the majority stake in PTC owned by the Haslams. PTC is the largest operator of travel centers in North America, with more than 750 locations.
Under the terms of the 2023 transaction, the family had the option to compel Berkshire to buy their remaining 20% stake in PTC within a 60-day window every year.
Haslam family sells Berkshire Hathaway Pilot Travel Centers share
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