BP has completed its US$1.3 billion acquisition
of TravelCenters of America,
one of the country’s leading full-service travel center operators.
The deal marks a milestone in the growth of bp’s strategic
convenience and mobility business in the U.S. and adds thousands of
additional employees to the company.
“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 US.
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,” said Emma Delaney, EVP 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
decarbonize.”
In February, bp agreed to acquire TA subject to required approvals. Having
now 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
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, biofuel, hydrogen and convenience.
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 $55-65 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 $86 per share.
