TravelCenters of America stockholders voted in a special meeting Wednesday to merge TA with and into a wholly owned indirect subsidiary of bp, TA said.
Under the terms of the agreement, a $1.3 billion acquisition, bp’s wholly owned subsidiary will acquire all of the outstanding shares of TA common stock for $86 per share in cash, Westlake, Ohio-based TA said. The deal will add about 280 sites to Chicago-based bp’s retail network, bp previously said.
The transaction price represents an 84% premium to TA’s average trading price over the 30 days ending Feb. 15, the date the bp merger agreement was signed.
- bp is No. 7 and TravelCenters of America is No. 29 on CSP’s Top 40 update to the 2022 Top 202 ranking of U.S. convenience-store chains by company-owned store count. Watch for the updated list in June.
TA stockholders approved the bp merger with more than 72% of the shares outstanding and 93% of the total shares voted in favor of the merger, TA said.
The closing of the transaction remains subject to customary closing conditions and is expected to occur May 15, TA said. Upon completion of the transaction, shares of TA’s common stock will be canceled and will no longer trade on the Nasdaq.
bp expects the TA deal to almost double its convenience gross margin and provide growth opportunities across its transition growth engines, Murray Auchincloss, bp’s chief financial officer, previously said.
TravelCenters of America is a nationwide operator and franchisor of the TA, Petro Stopping Centers and TA Express travel center brands.
bp listed a total of 20,700 retail sites in first-quarter 2023, and 2,450 strategic convenience sites, which it defines as retail sites that sell bp-branded vehicle energy including bp, Aral, Arco, Amoco, Thorntons and bp pulse, and carry one of its strategic convenience brands. As of year-end 2022, bp had 1,224 company-owned and -operated c-store sites in the United States.
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