BP to Buy TravelCenters of America

Feb. 16, 2023

BP plc plans to purchase TravelCenters of America Inc. With a purchase price of $86 per share, the value of the deal is estimated at around $1.3 billion, and includes the company's truck stops and convenience stores, as well as the TA Truck Service business it has built since late 2016.

BP plans to acquire all outstanding shares of the company, pending approval of shareholders, according to a statement released by TravelCenters of America. The company's two largest shareholders, who collectively own 11.9% of the company's shares, have already agreed to vote in favor of the deal.

Jonathan Pertchik, CEO of TravelCenters of America, 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 company said after it implemented a turnaround plan and recorded several quarters of improved results, it received "unsolicited interest" to be acquired. The board hired financial and legal advisors to consider a sale, and the "process ultimately included competitive rounds of bidding from potential buyers that resulted in the transaction announced today."

BP and TravelCenters of America hope to complete the deal by the middle of 2023.

TravelCenters announced the formation of its TA Truck Service network during the 2016 Specialty Equipment Market Association (SEMA) Show. With 243 truck service facilities at the time of launch, the company expanded that network as well as its fleet of OnSite mobile maintenance vehicles, while also adding more tire brands to its offerings. In 2018 the company bought and opened a retread plant — its first — in Bowling Green, Ohio. The plant uses Goodyear equipment and processes, and at the time of opening produced 110 truck tires a day.