Berkshire Hathaway (BRK.A / BRK.B) has taken full ownership of Pilot Travel Centers, the largest operator of truck stops in the U.S. and Canada.
Berkshire, which is led by famed investor Warren Buffett, acquired the remaining 20% of Pilot Travel Centers that it didn’t already own from the Haslam family that originally owned the business.
Terms of the purchase were not disclosed. However, media reports say that Berkshire likely paid about $3 billion U.S. for the remaining 20% stake in Pilot Travel Centers.
Pilot Travel Centers operates more than 750 truck stop locations across the U.S. and Canada, and was one of the largest private companies in America before the sale to Berkshire.
The Haslam family is also the majority owner of the Cleveland Browns NFL football team.
Berkshire brokered a deal to buy Pilot in three stages — an initial purchase of 40% in 2017, a subsequent sale of 40% in early 2023, and the final sale of 20% now.
The relationship between the Haslam family and Berkshire took a negative turn late last year, when the Haslams sued Berkshire claiming that the company was trying to underpay for the remaining 20% of Pilot Travel Centers.
The dispute was headed to court, but the litigation has now been called off with the 20% sale finalized.
Berkshire Hathaway’s Class B stock has gained 15% in the last 12 months to trade at $361.10 U.S. per share.
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