CVC Capital Partners, a global private equity firm, will be acquiring a 47.5 percent interest in Pilot Travel Centers,
forming an equal governance partnership with Pilot Corp., wholly owned by the Haslam family.
CVC's investment, and a new ownership structure whereby Pilot Corp. will own 52.5 percent of PTC, facilitates the sale by Marathon Oil Corp. of its interest in PTC, which it has held since PTC was formed in 2001.
Houston-based Marathon Oil announced it was selling its 50 percent ownership interest in Pilot Travel Centers LLC to Pilot Corp. in a cash transaction valued at $700 million.
Marathon officials say their vision of working with Pilot Corp. in "creating the leading travel center network in the U.S." has been realized, and has "created substantial value for both of our companies," said Gary R. Heminger, Marathon executive vice president and president of the Company's refining, marketing and transportation operations. "Marathon's decision to sell its interest in PTC is part of our ongoing review of Marathon's global asset portfolio, and is an appropriate time to capture the value created by this partnership."
The current management, led by CEO James A. Haslam III, will continue to manage the business on a day-to-day basis. The transaction is expected to close in October 2008.
forming an equal governance partnership with Pilot Corp., wholly owned by the Haslam family.
CVC's investment, and a new ownership structure whereby Pilot Corp. will own 52.5 percent of PTC, facilitates the sale by Marathon Oil Corp. of its interest in PTC, which it has held since PTC was formed in 2001.
Houston-based Marathon Oil announced it was selling its 50 percent ownership interest in Pilot Travel Centers LLC to Pilot Corp. in a cash transaction valued at $700 million.
Marathon officials say their vision of working with Pilot Corp. in "creating the leading travel center network in the U.S." has been realized, and has "created substantial value for both of our companies," said Gary R. Heminger, Marathon executive vice president and president of the Company's refining, marketing and transportation operations. "Marathon's decision to sell its interest in PTC is part of our ongoing review of Marathon's global asset portfolio, and is an appropriate time to capture the value created by this partnership."
The current management, led by CEO James A. Haslam III, will continue to manage the business on a day-to-day basis. The transaction is expected to close in October 2008.
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