- Adds a network of around 280 travel centers, strategically
located on major highways across US; complementing bp's US
convenience and mobility business.
- Almost doubles bp's global convenience gross margin.
- Brings growth opportunities for four of bp's five transition
growth engines including EV charging via bp pulse, convenience,
biofuels/ renewable natural gas (RNG) and, later, hydrogen.
- Adds EBITDA immediately, expected to grow to around
$800m by 2025, underpinned by
investment, integration value and synergies.
HOUSTON, May 15, 2023
/PRNewswire/ -- Today BP Products North America Inc., a wholly
owned indirect subsidiary of BP p.l.c. (NYSE: bp), completed its
$1.3 billion acquisition of
TravelCenters of America Inc. (Nasdaq: TA), one of the country's
leading full-service travel center operators, marking a milestone
for the US in the growth of bp's strategic convenience and mobility
business and welcoming thousands of additional employees into
Emma Delaney, executive vice
president customers & products, bp said: "We are thrilled to
welcome the TravelCenters of America team to bp and give a
turbo-boost to our convenience and mobility business in the US.
Combining TA's sites on US highways with our brilliant retail
network off the highway immediately expands our offer and doubles
our global convenience gross margin.
By integrating bp pulse, our fast-growing EV charging business,
along with biofuels and renewable natural gas businesses - and in
time, hydrogen - we can help America's vital fleets and logistics
In February, bp announced it had agreed to acquire TA, subject
to required approvals. Having received those approvals and with the
transaction complete, TA's strategically located network of highway
sites complements bp's existing predominantly off-highway
convenience and mobility business in the US, enabling TA and bp to
offer fleets and consumers a seamless nationwide service.
The transaction will provide options to expand and continue to
develop convenience and mobility offers through four of bp's five
transition growth engines:
- EV charging
Convenience is one of five strategic transition growth engines
that bp intends to grow rapidly through this decade. By 2030, bp
aims for around half its annual investment to go into these
transition growth engines; with around half of its anticipated
cumulative $55-65 billion transition
growth engine investment going into convenience, bioenergy and EV
With the close of the acquisition, TravelCenters of America
common shares have been converted into the right to receive
$86 per share.
Additional information on the acquisition can be found in the
In order to utilize the 'safe harbor' provisions of the United
States Private Securities Litigation Reform Act of 1995 (the
'PSLRA') and the general doctrine of cautionary statements, bp is
providing the following cautionary statement.
This document contains certain forecasts, projections and
forward-looking statements – that is, statements related to future,
not past events and circumstances – with respect to the financial
condition, results of operations and businesses of bp and certain
of the plans and objectives of bp with respect to these items.
These statements are generally, but not always, identified by the
use of words such as 'will', 'expects', 'is expected to',
'targets', 'aims', 'should', 'may', 'objective', 'is likely to',
'intends', 'believes', 'anticipates', 'plans', 'we see' or similar
expressions. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events and depend on
circumstances that will or may occur in the future and are outside
the control of bp. Actual results or outcomes, may differ
materially from those expressed in such statements, depending on a
variety of factors, including the risk factors discussed under
"Risk factors" in bp's Annual Report and Form 20-F 2022 as filed
with the US Securities and Exchange Commission and in any of our
more recent public reports.
Our most recent Annual Report and Form 20-F and other period
filings are available on our website at www.bp.com or can be
obtained from the SEC by calling 1-800-SEC-0330 or on its website
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SOURCE bp America