Emphasizing "Convenience & Mobility," bp To Acquire TravelCenters of America, Notes Opportunity To Develop New EV, RNG Offerings
February 16, 2023
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BP Products North America Inc., a wholly-owned indirect subsidiary of BP p.l.c., has reached an agreement to purchase TravelCenters of America, which operates 280 travel centers across 44 states
The acquisition, which is subject to regulatory and TravelCenters of America shareholder approval, will be for $1.3 billion 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. In addition, bp's global scale and reach will, over time, bring advantages in fuel and biofuel supply as well as convenience offers for consumers," bp said
Notably, bp said that the transaction, "will provide options to expand and develop new mobility offers including electric vehicle (EV) charging, biofuels, renewable natural gas (RNG) and later hydrogen, both for passenger vehicles and fleets."
"Convenience is one of bp's five strategic transition growth engines in which it aims to significantly grow investment through this decade. By 2030, bp aims for around half its annual investment to go into these transition growth engines. Over 2023-2030 it aims that around half of its cumulative $55-65 billion transition growth engine investment will go into convenience, bioenergy and EV charging," bp said
"These travel centers, 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. Around 70% of TA's total gross margin is generated by its convenience services business, almost double bp's global convenience gross margin," bp said
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bp yesterday announced plans to invest $1bn in EV charging across the US by 2030.
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