TravelCenters of America to be bought by BP for $1.3 billion

One of the nation’s largest truck stop chains will acquired by BP Products North America Inc. as part of the company’s strategic growth plan.

On Thursday morning, BP announced the acquisition of truck stop operator TravelCenters of America (TA). The acquisition includes TA’s 280 stores in 44 states throughout the U.S. as well as 600 full-service and quick service restaurants and truck maintenance and repair services

The companies agreed to a $1.3 billion cash payment, which is subject to regulatory and TravelCenters of America shareholder approval.

From a news release announcing the acquisition:

TA’s strategically-located network of highway sites complements BP’s existing predominantly off-highway convenience and mobility business, enabling TA and BP to offer fleets a seamless nationwide service. In addition, bp’s global scale and reach will, over time, bring advantages in fuel and biofuel supply as well as convenience offers for consumers. It will provide options to expand and develop new mobility offers including electric vehicle (EV) charging, biofuels, renewable natural gas (RNG) and later hydrogen, both for passenger vehicles and fleets. 

Bernard Looney, CEO of BP, said, “This is BP’s strategy in action. We are doing exactly what we said we would, leaning into our transition growth engines. This deal will grow our convenience and mobility footprint across the US and grow earnings with attractive returns. Over time, it will allow us to advance four of our five strategic transition growth engines. By enabling growth in EV charging, biofuels and RNG and later hydrogen, we can help our customers decarbonize their fleets. It’s a compelling combination.” 

Dave Lawler, chairman and president of BP America stated, “Subject to approvals, we look forward to welcoming the TA team to BP. TA’s amazing nationwide network of on-highway locations combined with bp’s more than 8,000 off-highway locations have the potential to offer travelers and professional drivers a seamless experience for decades to come.”

This is a developing story.