BP buys TravelCenters in the US for $1.3B

BP Products North America, a subsidiary of BP plc, has purchased the TravelCenters of America chain of approximately 280 fuel, convenience and QSR sites for $1.3 billion.

The petroleum retailer wants to complement its more than 8,000 off-highway locations to offer a seamless experience to transportation fleets.

Additionally, the purchase, which is subject to regulatory and TravelCenters shareholder approval, will provide options for expanding and developing a range of fuel offerings.

“This deal will grow our convenience and mobility footprint across the U.S. and grow earnings with attractive returns,” said Bernard Looney, CEO of BP in a statement. “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 decarbonize their fleets. It’s a compelling combination.”

The TravelCenters sites span 44 states and include more than 600 full-service and quick service restaurants as well as truck maintenance and repair services.

Additionally, BP announced plans to invest $1 billion in EV charging across the country by 2030.