The acquisition of TravelCenters America by BP will add a network of around 280 travel centres, strategically-located on major highways across the US, complementing the company’s US convenience and mobility business. The acquisition, which is subject to regulatory and TravelCenters of America shareholder approval, will be for US$1.3bn in cash.
TA’s strategically-located network of highway sites complements BP’s existing predominantly off-highway convenience and mobility business, enabling TA and BP to offer fleets a seamless nationwide service. It will provide options to expand and develop new mobility offers including EV charging, biofuels, renewable natural gas (RNG) and later hydrogen, both for passenger vehicles and fleets.
“This deal will grow our convenience and mobility footprint across the US and grow earnings with attractive returns,” said Bernard Looney, CEO of BP. “Over time, it will allow us to advance four of our five strategic transition growth engines. By enabling growth in EV charging, biofuels and RNG and later hydrogen, we can help our customers decarbonise their fleets. It’s a compelling combination.”
The acquisition is expected to bring around 280 TravelCenters of America sites, spanning 44 US states nationwide, into the BP portfolio. These travel centres, which average around 25 acres, offer a full range of facilities for vehicles and fleet trucks, including more than 600 full-service and quick service restaurants, as well as truck maintenance and repair services.
