Today, Bp Products North America Inc., a subsidiary of Bp, announced the completion of its US$1.3bn (£1.03bn) acquisition of TravelCenters of America (TA), which operates full-service truck stop and travel centres.
Emma Delaney, executive vice president customers and products, Bp, said: “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.
“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 decarbonise.”
In February, the oil and gas multinational announced it had agreed to acquire TA, subject to required approvals.
Completion of the transaction means TA’s strategically located network of highway sites are now owned by Bp.
Bp hopes the transaction will provide options to expand its convenience and mobility offerings through four of the company’s growth priority areas: EV charging, biofuels, hydrogen and convenience.
By 2030, Bp aims for around half its annual investment to go into these areas. With the finalisation of the acquisition, TA’s common shares have been converted into the right to receive US$86 (£69) per share.