A Pilot Flying J store
Warren Buffett’s Berkshire Hathaway Inc. has bought the remaining 20% of the Haslam family's Pilot Corp. truck stop business that it didn't already own.
Berskshire Hathaway, headquartered in Omaha, Nebraska, now owns 100% of Knoxville, Tennessee-based Pilot Travel Centers, the companies said in separate announcements on Tuesday, Jan. 16. Financial terms weren't disclosed.
The deal concludes an eventful period for the two companies.
On Jan. 8, Berkshire Hathaway and Pilot settled a lawsuit that centered around valuation of the remaining stake in Pilot. The settlement came on the eve of a trial in which Berkshire – which in deals in 2017 and 2023 acquired an 80% stake in Pilot for more than $10 billion from billionaire Cleveland Browns owner Jimmy Haslam – was accused of improperly changing the accounting methods to short-charge the Haslam family out of their remaining 20%.
At the time of the settlement, Bloomberg noted that the deal was "likely to clear the way for Buffett to purchase the remaining 20% of Pilot from Haslam (later in January) under terms of the original acquisition."
Both side have dismissed all legal claims against each other.
CNBC reported that Berkshire Hathaway in a regulatory filing last year listed the Haslams’ noncontrolling interest in Pilot Travel Centers at a value of $3.37 billion.
The sale of the final 20% stake marks the end of a long era for Pilot, which was founded in 1958 in Gate City, Virginia, by Jim Haslam II.
The company grew to the point where today, it's the largest operator of travel centers in North America, with more than 750 locations across 44 states and six Canadian provinces. Pilot says it sells about 14 billion gallons of fuel a year and about $3 billion in food and merchandise.
Jimmy Haslam, CEO and chairman of Pilot Corp., said in a statement, "As a family business, it is humbling to think of all of the team members who have been a part of Pilot Flying J, and we are beyond grateful for their commitment and contributions over the years.
"We also have profound appreciation for all of the guests, professional drivers, and trucking companies who have supported Pilot Flying J as they have been a key part of the evolution and growth of this dynamic industry over the last six decades. We will always consider the Pilot Flying J team as family, and we wish them success as they continue to develop the best travel center network in North America and keep America moving."
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