BP is investing in the US once again, this time snapping up truck stop and travel centre company TravelCenters of America for US$1.3bn.
The London-listed oil and gas giant will pay US$86 per share in cash, which represents an 84% premium to the average trading price of US$46.68 on 15 February.
Jonathan M. Pertchik, TravelCenter’s chief executive, said the deal is a result of the group’s successful turnaround and strategic plan.
The board of directors, according to a statement, unanimously approved the deal.
Today’s announcement is the second piece of infrastructure building that BP has done in the US over the last couple of days.
Yesterday, the group announced its intention to invest US$1bn to expand its network of electric vehicle charging points across the US by 2030.
BP, in a statement on Wednesday, said it aimed to bring its fast-charging points to “more than a dozen US cities.”
The BP investment is intended to support new demand created by Hertz Global which in parallel said it intended to make a quarter of its vehicle hire fleet electric by the end of 2024. Hertz is acting as a cornerstone investor in the BP rollout.
At present, BP has around 22,000 EV charge points worldwide and it expects to grow the total to over 100,000 by the end of the decade.
“This is about more, faster. We’re bringing more, fast-charging options to more Americans for faster EV adoption,” Dave Lawler, BP America chair and president, said in a statement.
“Working alongside Hertz, we’re excited to drive the future of mobility.”