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TravelCenters of America Inc.’s board has approved a merger agreement with BP to become a wholly owned subsidiary of the supermajor, TravelCeners said in a May 10 press release.
The board expects the $1.3 billion transaction, first announced in February, to close on May 15. BP Products North America Inc., a wholly owned subsidiary of BP, is set to acquire all shares of TravelCenters of America for $86.00 per share— a premium of 84% when compared with the going rate for the period ending on February 15.
The acquisition adds a network of 280 travel centers along major U.S. highways across 44 states to BP’s convenience and mobility business.
As soon as the transaction has concluded, TravelCenters of America’s common stock will be canceled.
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