bp completes purchase of TravelCenters of America
BP Products North America Inc., a wholly owned indirect subsidiary of BP p.l.c. (NYSE: bp), completed its $1.3 billion acquisition of TravelCenters of America Inc. (Nasdaq: TA), one of the country’s leading full-service travel center operators, marking a milestone for the US in the growth of bp’s strategic convenience and mobility business and welcoming thousands of additional employees into bp.
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 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
biofuels
hydrogen
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.
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