BP to buy TravelCenters of America for $1.3B
BP announced Wednesday plans to invest $1B in EV charging across US by 2030
BP Pulse teams up with Hertz to build EV charging network across North America
BP Pulse Fleet president Vic Shao discusses the deal to launch the nationwide charging grid on 'The Claman Countdown.'
TravelCenters of America Inc said on Thursday it would be acquired by BP Plc for about $1.3 billion in cash, as the British energy giant looks to expand its travel convenience and fuel supply footprint in the United States.
BP has offered $86 per TravelCenters share held, which represents a 74% premium to the stock's last close on Wednesday.
The company's shares jumped 71% in premarket trading on Thursday.
BP gas station (iStock)
TravelCenters owns a network of about 281 highway sites across 44 states and offers services including diesel and gasoline fuel, truck maintenance and repair, restaurants, travel stores, and parking.
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The services complements BP's existing convenience and mobility business and will help in expanding its offers including electric vehicle charging, biofuels, renewable natural gas (RNG) and later hydrogen, the company said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TA | NO DATA AVAILABLE | - | - | - |
| BP | BP PLC | 28.99 | -0.32 | -1.09% |
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On Wednesday, BP announced plans to invest $1 billion in EV charging across U.S. by 2030.
Hertz is teaming up with BP to develop a national network of electric vehicle charging stations in the United States powered by the oil giant's Pulse division. (Photo courtesy of Hertz/BP) (Hertz/BP)
Convenience is one of BP's five strategic transition growth engines. By 2030, the London-listed aims for around half its annual investment to go into these transition growth engines.
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The acquisition of TravelCenters is expected to add to BP's EBITDA immediately, growing to around $800 million in 2025, the company said.