TravelCenters of America’s shareholders have approved the company’s $1.3 billion sale to oil giant BP, with 93% of investors voting in favor of the deal, according to a Wednesday announcement.
As previously announced, the deal is expected to officially close on May 15, after which TA will delist from the NASDAQ and become a wholly owned indirect subsidiary of BP.
The approval signals an end to a hectic past few months since the deal was made. Shortly after the merger was announced, fellow convenience retailer Arko Corp. made multiple efforts to outbid BP for the travel center chain’s assets.
While Arko’s offer of $92 per share outpaced BP’s of $86 per share, TA repeatedly rejected it, for reasons including the fact that Arko would require significant third-party financing to complete the deal and did not have a firm commitment from any financing source to acquire the money. Arko later responded with details of its financing in an effort to get a deal made, but TA kept its commitment to BP.
Acquiring TA’s 281-location network will allow BP to advance its convenience, bioenergy, EV charging and hydrogen “growth engines” as it aims to become an integrated energy company, CEO Bernard Looney said in February. As of now, BP will not rebrand any of the TA sites.
After selling about 700 of its company-operated c-stores in 2007, BP took full ownership of Midwest chain Thornton’s in August 2021, and brought its Ampm c-store brand to New York City last summer. Once it adds TA to its convenience arm, BP will further cement itself as one of the industry's top players.
Westlake, Ohio-based TravelCenters of America operates 281 travel centers in 44 states between its TA, Petro Stopping Centers and TA Express brands. The company also operates over 600 full-service and quick-service restaurants and several proprietary brands, including Iron Skillet and Country Pride.
London-based BP has a variety of retail models across the U.S., including company-owned retail stores, strategic partnerships, brand licensing, wholesale, business-to-business, dealer-owned and franchise-owned locations. In addition to Thorntons and Ampm, it also owns self-branded stores and Amoco locations.