TravelCenters Of America To Be Acquired By BP In About $1.3 Bln Deal

(RTTNews) - TravelCenters of America Inc. (TA), the operator and franchisor of the TA, Petro Stopping Centers and TA Express travel center brands, announced Thursday that it has entered into a merger agreement with BP plc (BP), pursuant to which BP will acquire all of the outstanding shares of TA common stock for $86.00 per share in cash.

The sale price represents an 84% premium to the average trading price of the 30 days ended February 15, 2023 of $46.68. The total equity value is approximately $1.3 billion.

A condition of the sale is the approval by shareholders who own a majority of TA's shares outstanding. Service Properties Trust (SVC), which owns 7.8% of TA's shares outstanding, and The RMR Group (RMR), which owns 4.1% of TA's shares outstanding, both have agreed to vote their shares in favor of the sale.

The transaction was unanimously approved by the TA Board of Directors. Subject to shareholder and regulatory approval, the parties are targeting closing the acquisition by mid-year 2023.