M&A · Industrials · Retail-Auto Dealers & Gasoline Stations
BP p.l.c to acquire TravelCenters of America Inc.
Announced Feb 16, 2023 · Closed May 15, 2023
Deal value$1.30BEV $1.36B
Premium74.0%To unaffected price
EV / Adj. EBITDA4.3x0.1x EV / Revenue
ConsiderationAll cash$86.00 per share
Transaction
- Acquirer
- BP p.l.c (BP)
- Target
- TravelCenters of America Inc. (TA)
- Buyer type
- Strategic
- Offer price per share
- $86.00
- Enterprise value
- $1.36B
- Status
- Closed May 15, 2023
Deal protections
- Break fee (target pays)
- $51.9M · 4.0%
- Reverse fee (buyer pays)
- $90.9M · 7.0%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Citigroup
- Citigroup fee
- $20.0M
Sector context · Industrials
- Comparable deals
- 82 in the prior 24 months
- Premium
- 74.0% vs. 47.0% sector median
- EV / Adj. EBITDA
- 4.3x vs. 12.2x sector median
- Break fee
- 4.0% vs. 2.8% sector median
Timeline
- AnnouncedFeb 16, 2023
- Proxy filedMar 22, 2023
- Definitive proxyApr 3, 2023
- Shareholder voteMay 10, 2023
- ClosedMay 15, 2023
Valuation · fairness opinions
Discounted cash flow$72.90$98.71
Discounted cash flow$76.74$102.91
Trading comparables$62.65$76.55
Trading comparables$60.06$78.24
Precedent transactions$73.57$124.01
Offer $86.00
Implied value per TravelCenters of America Inc. share by analysis, from Citigroup · DCF discount rate 12.3%–13.9%.