BP to buy TravelCenters of America for $1.3bn in cash

BP said on Thursday that it has agreed to buy TravelCenters of America, one of the country’s leading full-service travel centre operators, for $1.3bn in cash.

The London-listed oil giant said TA’s strategically-located network of highway sites complements its existing predominantly off-highway convenience and mobility business, enabling TA and BP to offer fleets a "seamless" nationwide service.

The deal 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, BP said.

Chief executive officer Bernard Looney said: "This is BP’s strategy in action. We are doing exactly what we said we would, leaning into our transition growth engines. This deal will grow our convenience and mobility footprint across the US and grow earnings with attractive returns.

"Over time, it will allow us to advance four of our five strategic transition growth engines. By enabling growth in EV charging, biofuels and RNG and later hydrogen, we can help our customers decarbonize their fleets. It’s a compelling combination."

The acquisition is expected to bring around 280 TravelCenters of America sites, spanning 44 US states nationwide, into the BP portfolio.