CLEVELAND — BP Products North America Inc. has completed its $1.3 billion acquisition of TravelCenters of America Inc., a move the energy concern called a "turbo-boost" to its growing convenience and mobility business in the U.S.
TravelCenters, founded in 1972, operates more than 280 travel centers in 44 states throughout the U.S., operating mostly under the TA, Petro Stopping Centers and TA Express brand names and employing over 18,000 workers.
The business generated $10.8 billion in revenue in fiscal 2022, with roughly 80% coming from the sale of fuel. TravelCenters offers truck service, including tires and retreads, at 259 of its outlets.
BP Products North America announced its bid for Westlake, Ohio-based TravelCenters on Feb. 16, stating at that time the acquisition would provide options to expand and develop mobility options, including EV charging, biofuels, renewable natural gas and later hydrogen, both for passenger vehicles and fleets.
"Combining TA's sites on U.S. highways with our 'brilliant' retail network off the highway immediately expands our offer and doubles our global convenience gross margin," Emma Delaney, executive vice president customers at products for BP Products, said, noting BP intends to integrate TA's operations with its bp pulse EV-charging business.
BP announced in February plans to invest $1 billion in electric-vehicle charging across the U.S. by 2030.
BP's $86 per share offer represented an 84% premium to the average trading price of the 30 days ended Wednesday, Feb. 15, of $46.68.
TravelCenters' shareholders chose BP's offer over a potentially more lucrative offer from convenience store operator ARKO Corp. after TA's board denounced that offer.
