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TravelCenters of America approves BP takeover

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TravelCenters of America approves BP takeover
TravelCenters of America stockholders have approved BP Products of America's acquisition of their company. 

WESTLAKE, Ohio — Stockholders with TravelCenters of America Inc., franchisor of the TA, Petro Stopping Centers and TA Express travel center brands, have approved the company’s merger with and into BP Products of America.

According to a news release, BP’s wholly-owned subsidiary will acquire all of the outstanding shares of TA common stock for $86.00 per share, which amounts to $1.3 billion in cash.

The transaction price represents an 84% premium to TA’s average trading price over the 30 days ending Feb. 15, 2023, the date the BP merger agreement was signed.

TA stockholders approved the BP merger with more than 72% of the shares outstanding and 93.0% of the total shares voted in favor of the merger. The final voting results of TA’s special meeting will be reported in a Form 8-K with the U.S. Securities and Exchange Commission.

“We are thrilled to welcome the TravelCenters of America team to BP and give a turbo-boost to our convenience and mobility business in the U.S.,” said Emma Delaney, executive vice president of customers and products with BP. “Combining TA’s sites on US highways with our brilliant retail network off the highway immediately expands our offer and doubles our global convenience gross margin.”

Upon completion of the transaction, shares of TA’s common stock will be canceled and will no longer trade on the Nasdaq, and TA will become a wholly-owned indirect subsidiary of BP.

n February, BP announced it had agreed to acquire TA, subject to required approvals. Having received those approvals and with the transaction complete, “TA’s strategically located network of highway sites complements BP’s existing predominantly off-highway convenience and mobility business in the US, enabling TA and BP to offer fleets and consumers a seamless nationwide service,” the news release noted.

The transaction will provide options to expand and continue to develop convenience and mobility offers through four of BP’s five transition growth engines:

  • EV charging
  • Biofuels
  • Hydrogen
  • Convenience

“Convenience is one of five strategic transition growth engines that BP intends to grow rapidly through this decade,” according to the news release. “By 2030, BP aims for around half its annual investment to go into these transition growth engines; with around half of its anticipated cumulative $55-65 billion transition growth engine investment going into convenience, bioenergy and EV charging.”

 

The Trucker News Staff

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The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.
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TravelCenters of America approves BP takeover

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