Big Law

BP Acquires TravelCenters of America for $1.3 Billion

BP is looking to broaden its retail footprint in the United States by acquiring TravelCenters of America for $1.3 billion.

Ohio-based TravelCenters of America operates truck stops off highways around the country, including in Gary, Lake Station, Porter and DeMotte.

BP, which runs the BP Whiting Refinery, will pay six times TravelCenters’s earnings before interest, taxes, depreciation and amortization over the last 12 months. The London-based energy giant expects to bring in $800 million more in EBITDA by 2025 as a result of the deal.

Read the source article at nwitimes.com

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