The Haslam family has sold its remaining 20% ownership stake in the Pilot Corporation to Warren Buffett’s Berkshire Hathaway, Inc., which had purchased 80% of the truck stop chain starting in 2017.
The two companies made the announcement Tuesday. No price was disclosed.
A brief statement from the company said, “Pursuant to the terms of a settlement agreement reached with Pilot Corporation, Berkshire Hathaway Inc. has acquired Pilot Corporation’s remaining 20% interest in Pilot Travel Centers LLC effective today. Berkshire Hathaway now owns 100% of Pilot Travel Centers.”
Berkshire Hathaway spent a total of $11 billion for its 80% share of the chain of 750 Pilot and Flying J travel centers.
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The sale comes shortly after the two companies settled a lawsuit over the accounting method used by Pilot the Haslam family said would depress the price Berkshire Hathaway would have to pay to acquire the rest of the company.
Pilot began 65 years ago with one gas station. The company just completed a $1 billion program to remodel 100 of its locations.
This is the second sale of a major U.S. travel center chain in the last eight months. In May, British energy giant bp purchased Travel Centers of America for $1.3 billion.
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