BP Products North America Inc., a wholly-owned indirect subsidiary of global oil and gas major bp plc, has announced that has completed its US$1.3 billion acquisition of TravelCenters of America Inc. (TA), one of the leading full-service travel center operators in the United States (US).
In February 2023, bp announced it had agreed to acquire TravelCenters of America (TA), subject to required approvals.
Having received those approvals and with the transaction complete, TA’s strategically located network of 280 highway sites in 44 States 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.
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 of Customers & Products, bp.
Strategic milestone
With the close of the acquisition, TravelCenters of America common shares have been converted into the right to receive US$86 per share.
The transaction marks a milestone for the US in the growth of bp’s strategic convenience and mobility business and will provide options to expand and continue to develop convenience and mobility offers through four of bp’s five transition growth engines: EV charging, biofuels, hydrogen, and convenience.
The latter 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 US$55-65 billion transition growth engine investment going into convenience, bioenergy, and EV charging.
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, ended Emma Delaney.
