ALEXANDRIA, Va.—BP officially has completed its $1.3 billion acquisition of TravelCenters of America (TA). In February, BP announced it had agreed to acquire TA, subject to required approvals, which have been received.
According to BP, TA’s strategically located network of highway sites complements BP’s existing predominantly off-highway convenience and mobility business in the United States, 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 U.S. 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,” said Emma Delaney, executive vice president, customers and products, BP.
BP has five strategic “transition growth engines.” They are convenience, EV charging, bioenergy, renewables and hydrogen, and the transaction will provide options to expand and continue to develop convenience and mobility offers. 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.
In January, TA announced plans to deploy 1,000 EV chargers across 200 locations, and in February, BP announced plans to invest $1 billion in EV charging in the United States by 2030.
With the close of the acquisition, TravelCenters of America common shares have been converted into the right to receive $86 per share.