TravelCenters Of America To Acquire Travel Ports
March 1, 1999
TravelCenters of America and Travel Ports of America yesterday announced a merger agreement.
The acquisition of Travel Ports, a regional network of 16 travel centers located primarily in the Northeast, will expand the TA network to 162 locations in 40 states coast to coast.
TA will pay approximately $40.5 million in cash, buying all outstanding shares of Travel Ports for $4.30 per share – 32.3% more than Travel Ports’ closing share price Feb. 25 of $3.25. The transaction is expected to be completed during the second quarter of the year.
In addition, Travel Ports CEO Philip Saunders will trade some of his Travel Ports shares for 2% to 3% of the outstanding TA voting shares. Saunders was TA’s original founder, and will be nominated for appointment to the board of TravelCenters of America after the acquisition is completed.
Late last year, TA completed its acquisition of 17 Burns Bros. facilities, located primarily in the West and Northwest.