By Colin Kellaher
Shares of TravelCenters of America Inc. surged more than 70% to their highest levels in years after the travel-center operator agreed to be acquired by U.K. energy giant BP PLC for about $1.3 billion.
TravelCenters investors will receive $86 a share in cash under the deal, some 74% above Wednesday's closing price of $49.44.
TravelCenters shares were recently changing hands at $84.38, up nearly 71%, hitting prices not seen since 2015.
TravelCenters said the acquisition by BP is the result of the successful implementation of its turnaround and strategic plans.
The company in late 2019 hired turnaround expert Jonathan Pertchik as chief executive as part of an effort to improve cash flows and operating performance, but its plans were quickly upended by the onset of the Covid-19 pandemic in early 2020, which brought U.S. travel to a near standstill and saw the company's share price fall below $6.
TravelCenters has bounced back as the impact of the pandemic abated, and the company on Thursday said that following the implementation of its turnaround plan and several quarters of improved operating performance, it received unsolicited buyout interest, prompting it to launch a formal sale process that led to competitive bidding rounds and the deal with BP.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 16, 2023 10:42 ET (15:42 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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