TravelCenters of America to be Acquired by BP for $86.00 Per Share, or Approximately $1.3 Billion
TravelCenters of America, the nationwide operator and franchisor of the TA, Petro Stopping Centers and TA Express travel center brands, has entered into a merger agreement with BP p.l.c. (NYSE: BP), pursuant to which BP will acquire all of the outstanding shares of TA common stock for $86.00 per share in cash. The sale price represents an 84% premium to the average trading price of the 30 days ended February 15, 2023 of $46.68. The total equity value is approximately $1.3 billion.