- Mergers & Acquisitions
BP closes acquisition of TravelCenters of America Inc.
BP Products North America Inc., a wholly owned indirect subsidiary of BP p.l.c., has completed its USD1.3 billion acquisition of TravelCenters of America Inc., one of the leading full-service travel center operators in the United States.
The acquisition marks a milestone in the growth of bp’s strategic convenience and mobility business in the U.S.
“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. 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,” said Emma Delaney, executive vice president customers & products, bp.
“By integrating bp pulse, our fast-growing EV charging business, along with biofuels and renewable natural gas businesses – and in time, hydrogen – we can help America’s vital fleets and logistics companies decarbonise.”
In February, bp announced it had agreed to acquire TravelCenters of America, 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 U.S, enabling TA and bp to offer fleets and consumers a seamless nationwide service.
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
Convenience is one of five strategic transition growth engines that bp intends to grow rapidly through this decade. By 2030, bp aims for around half its annual investment to go into these transition growth engines; with around half of its anticipated cumulative USD55-65 billion transition growth engine investment going into convenience, bioenergy and EV charging.
With the close of the acquisition, TravelCenters of America common shares have been converted into the right to receive USD86 per share.