BP Completes US$1.3 Billion Acquisition of TravelCenters of America

(16/05/23)  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.”

BP has completed its US$1.3 billion acquisition of TravelCenters of America

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.

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