One of the leading operators of full-service travel centers, TravelCenters of America, is now part of BP, following the completion of a $1.3 billion deal agreed in February this year.
In a company statement, BP highlighted that the completion marked a milestone for the US in the growth of BP’s strategic convenience and mobility business.
“We are excited to welcome the TravelCenters of America team to bp and give a turbo boost to our convenience and mobility business in the US. The combination of TA locations on US highways with our brilliant retail network outside of the motorway immediately expands our offering and doubles our global convenience gross margin,” said Emma Delaney, BP’s executive vice president of customer and product.
“By integrating BP Pulse, our fast-growing electric vehicle charging business, together with the biofuels and renewable natural gas businesses, and eventually hydrogen, we can help decarbonize America’s vital fleets and logistics businesses United,” he added.
BP recalled that in February it had agreed to acquire TA, subject to required approvals. Upon receipt of these approvals and with the transaction complete, TA’s network of strategically located highways complements BP’s existing predominantly off-highway mobility and convenience business in the US, enabling TA and BP to offer fleets and consumers seamless service across the country, BP noted.
Convenience is one of five strategic transition growth drivers that BP aims to grow rapidly this decade. By 2030, BP is targeting around half of its annual investment to go towards these transitional growth drivers; with about half of its anticipated cumulative investment of $55-65 billion in the transition engine going to convenience, bioenergy and electric vehicle charging.
Also in February, BP said the acquisition will provide options to expand and develop new mobility offerings, including electric vehicle (EV) charging, biofuels, renewable natural gas (RNG) and later hydrogen, both for vehicles of passengers as for fleets.
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