Karishma Vanjani
Oil giant BP announced Thursday it was acquiring TravelCenters of America, one of the largest servicing centers offering truck repairs and maintenance services.
BP (ticker: BP) will acquire TravelCenters of America (TA) for $86 a share, representing an 84% premium to the average trading price of TravelCenters for the 30 days ended Wednesday. Total equity value of the deal was roughly $1.3 million.
TravelCenters stock surged nearly 71% in premarket trading to $84.50. BP fell 1.3%.
Typically, a company that gets purchased sees a jump in its stock price following an announcement because the acquirer is paying a premium for the transaction. The greater the premium, the higher the chances that shareholders will approve the deal.
The deal is expected to close by mid-year 2023, subject to shareholder approval.
Write to Karishma Vanjani at karishma.vanjani@dowjones.com
(END) Dow Jones Newswires
February 16, 2023 08:42 ET (13:42 GMT)
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