TravelCenters of America has revealed that its $1.3 billion merger with BP is expected to close by May 15 if shareholders approve the deal at the group’s next meeting on May 10, according to a Tuesday announcement.
TA noted that the deal’s 30-day waiting period imposed by the Hart-Scott-Rodino Act — which requires parties to report M&A deals to the Federal Trade Commission and the U.S. Department of Justice for review — ended April 10, without any action taken by the FTC.
Closing the deal will officially end a tumultuous past few weeks for TA, as fellow convenience retailer Arko Corp. has made multiple efforts to outbid BP for the travel center chain’s assets. TA noted numerous reasons for rejecting Arko’s offer, 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 finances in an effort to get a deal made, but TA kept its commitment to BP.
TA agreed to sell its assets to BP in February. The deal was unanimously approved by TA’s board, and the companies said they expected the acquisition to close by mid-year 2023.
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.