The TravelCenters of America located in Oklahoma, 2 in Oklahoma City and one in Sayre, will soon be under new ownership following a $1.3 billion acquisition by BP.
BP and TravelCenters of America reached agreement in which BP will acquire all of the outstanding shares of TA common stock for $86 a share in cash. The deal involves the sale of TA, Petro Stopping Centers and TA Express travel center brands.
“Today’s announcement that BP is acquiring TA for $86 per share is a result of the successful implementation of our turnaround and strategic plans,” said Jonathan M. Pertchik, TA’s Chief Executive Officer.
He said once the company achieved its turnaround followed by several quarters of improved operating performance, it received unsolicited interest to acquire the company. BP wasn’t the only interested buyer. Several potential buyers were involved.
A condition of the sale is the approval by shareholders who own a majority of TA’s shares outstanding. Service Properties Trust (Nasdaq: SVC), which owns 7.8% of TA’s shares outstanding, and The RMR Group (Nasdaq: RMR), which owns 4.1% of TA’s shares outstanding, both have agreed to vote their shares in favor of the sale.
At the closing of the transaction, TA will terminate its management agreement with RMR pursuant to the terms of the agreement and pay a termination fee to RMR that is currently estimated to be approximately $44 million. Subject to shareholder and regulatory approval, the parties are targeting closing the acquisition by mid-year 2023.
