Ropes & Gray Represents TravelCenters of America in Acquisition by BP
Ropes & Gray advised TravelCenters of America Inc. (TA), in an approximately $1.3 billion merger agreement with BP p.l.c. TA, the nationwide operator and franchisor of the TA, Petro Stopping Centers and TA Express travel center brands, made the announcement in a press release on February 16.
According to the terms on the agreement, BP will acquire all of the outstanding shares of TA common stock for $86.00 per share in cash. The total value of the transaction includes $73 million of net debt. A condition of the sale is the approval by shareholders who own a majority of TA’s shares outstanding.
The team representing TravelCenters of America included mergers & acquisitions partner Zach Blume and mergers & acquisitions associate Bryan Lowrance, executive compensation and benefits partner Renata Ferrari, IP transactions partner Erica Han, litigation & enforcement partner Jane Willis, and real estate partner Jack Creedon.