By Amrith Ramkumar

Shares of TravelCenters of America rose 70% at the open after BP said it would acquire the convenience store operator for about $1.3 billion, the latest acquisition by a big oil-and-gas company.

The stock rose to more than $84 per share, around the $86 per share BP is paying.

TravelCenters of America operates about 280 TA and Petro Stopping Centers in 44 states. It recently said it planned to build around 1,000 electric-vehicle charging locations across the U.S. with Electrify America.

Convenience stores are seen as a potentially lucrative investment in the transition away from fossil fuels as electric-car adoption increases and consumers have to wait at the stores for their cars to charge, increasing possible sales opportunities of snacks and other products.

Flush with cash, big oil-and-gas companies are under pressure to invest responsibly and continue growing. Shell last month said it would buy charging firm] to renewables away from its core oil-and-gas business.

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February 16, 2023 09:45 ET (14:45 GMT)

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