(News Bulletin 247) – bp announced on Thursday that it had reached an agreement on the street for the takeover of TravelCenters of America (TA) for an amount of some 1.3 billion dollars.

The acquisition is expected to add approximately 280 sites to bp’s portfolio in 44 US states, which offer vehicle and truck facilities, including more than 600 restaurants, as well as maintenance and repair services.

Around 70% of TA’s total gross margin is generated by its convenience services business, nearly double bp’s overall gross margin in this area.

This network of motorway sites complements bp’s existing business, which is primarily focused on off-motorway convenience and mobility, enabling TA and bp to offer fleets a seamless service nationwide.

TA’s offer includes, in particular, fuel (diesel and gasoline), maintenance and repair of trucks, restaurants and fast food restaurants, parking spaces for cars and trucks and other services or equipment for improve the lives of truck drivers and motorists.

“This operation will allow us to increase our profits with attractive returns,” said Bernard Looney, bp’s managing director.

‘Over time, it will allow us to advance four of our five engines of growth. It’s an irresistible combination,’ he added.

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