WESTLAKE, Ohio — BP Products North America Inc. has agreed to purchase TravelCenters of America Inc., expanding the British-based petroleum giant into travel convenience and electrification.
The purchase price is roughly $1.3 billion, or $86 per TravelCenter share. BP and TA are targeting mid-year 2023 for the transaction to close, subject to shareholder and regulatory approval.
Westlake-based TravelCenters operates about about 281 highway sites across 44 states, mostly under the TA, Petro Stopping Centers and TA Express brands. TA offers diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services for consumers. It has more than 18,000 employees.
On Feb. 15, BP announced plans to invest $1 billion in electric vehicle charging across the U.S. by 2030.
BP said the acquisition will provide options to expand and develop new mobility options, including EV charging, biofuels, renewable natural gas and later hydrogen, both for passenger vehicles and fleets.
In addition, convenience is one of five strategic growth engines for BP. By 2030, the company said it expects half of its annual investment to go to these growth engines, including $55-$60 billion in convenience, bioenergy and EV charging.