0956 ET - BP originally stood for British Petroleum, then Beyond Petroleum, and now ... Burgers & Pizza? That might be a stretch, but the company's announced acquisition of TravelCenters of America for $1.3B in cash does give it a much larger footprint in the convenience business of 24-hour snacks and goodies, and full and quick-service restaurants. "The acquisition expands BP's exposure to convenience with about 70% of TA's gross margin generated from its convenience services businesses, and will almost double BP's global convenience gross margin," says Tudor Pickering in a note. BP itself names convenience as one of its top-five "strategic transition growth engines" that could fit well with EV-charging and other changes to how people travel. (dan.molinski@wsj.com)
(END) Dow Jones Newswires
February 17, 2023 09:56 ET (14:56 GMT)
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