Shares of TravelCenters of America Inc. rocketed 71% Thursday after BP swooped in to take over the company for $86 a share in cash, or about $1.3 billion. BP
BP,
+1.15%
said the deal is a play on several of its transition growth engines, namely convenience, electric-vehicle charging, biofuels/renewable natural gas and hydrogen.
TravelCenters
TA,
+70.77%,
founded in 1972 and based in Westlake, Ohio, has a network of 281 locations in 44 states under the TA, Petro Stopping Centers and TA Express brands. It offers fuel, truck maintenance and repair, restaurants, travel stores, car and truck parking and other services. The price is equal to an 84% premium over the average trading price of the stock in the 30 days ending Feb. 15. The deal is expected to close by mid-2023, and two of the company’s main shareholders — RMR Group Inc.
RMR,
+8.82%,
with a 4.1% stake, and Service Properties Trust
SVC,
+22.04%,
with 7.8% — have agreed to vote their shares in favor of it. “Following the implementation of TA’s turnaround plan and several quarters of improved operating performance, TA received unsolicited interest to acquire the company,” TravelCenters said in a statement. It then hired financial and legal advisers to review a potential sale of the company that culminated in today’s announcement, it add …