Warren Buffett's Berkshire Hathaway Inc (NYSE:BRK.A) has acquired the remaining 20% ownership stake in truck stop and restaurant company Pilot Travel Centers from the Haslam family, according to an announcement Tuesday.
The sale comes a little over a week after the two parties settled a billion-dollar lawsuit in Delaware Chancery Court related to an accounting practice that the Haslam family alleged would artificially reduce the sale price of its interest in Pilot Travel Centers.
In a regulatory filing last year, Berkshire Hathaway valued the Haslam family’s stake at $3.2 billion. The family had alleged that the price could have dropped by up to $1.2 billion.
The settlement prevented a two-trial that would have begun on January 8.
Berkshire Hathaway acquired an 80% stake in Pilot Travel Centers for more than US$10 billion in two separate deals in 2017 and 2023.
“Pilot started with one gas station 65 years ago, and because of the dedicated and exceptional team members we have had throughout our history, it is now an industry leader,” Jim Haslam II said in a statement.
Meanwhile, New York federal prosecutors began investigating allegations last month brought by Berkshire Hathaway that Jimmy Haslam III, who also owns the Cleveland Browns NFL franchise, offered payments to executives of Pilot Travel Centers in exchange for raising the company’s value in the event of a sale.