Trucking news and briefs for Thursday, May 18, 2023:
BP Products North America Inc., a wholly owned indirect subsidiary of BP p.l.c., completed its $1.3 billion acquisition of TravelCenters of America on Monday, May 15.
“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 U.S.,” said Emma Delaney, BP's executive vice president customers & products. “Combining TA’s sites on U.S. highways with our brilliant retail network off the highway immediately expands our offer and doubles our global convenience gross margin.”
In February, BP announced it had agreed to acquire TA, subject to required approvals. Having 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 U.S.
With the close of the acquisition, TravelCenters of America common shares have been converted into the right to receive $86 per share.
[Related: BP acquires TA for $1.3 billion]
Truckstop is introducing “Fraud Prevention Friday” -- a weekly series focused on fraud in the freight industry and preventive measures. The series kicks off this week during National Transportation Week with the first iteration being held Friday, May 19.
