Berkshire Hathaway Acquires Remaining Stake In Pilot Travel Centers For $2.6 Billion

Berkshire Hathaway, led by billionaire Warren Buffett, recently completed the acquisition of the remaining 20% stake in Pilot Travel Centers truck stop business for $2.6 billion, as reported by Jonathan Stempel for Reuters.

Pilot operates over 725 locations across the United States and Canada and sold 13 billion gallons of fuel in 2022. I Photo: PR Newswire

This purchase marks the resolution of a lawsuit over the price. The acquisition brings Berkshire's ownership of Pilot Travel Centers to 100%, with the conglomerate paying a total of approximately $13.6 billion for the company.

Pilot operates over 725 locations across the United States and Canada and sold 13 billion gallons of fuel in 2022. Founded in 1958 by Jim Haslam, Pilot, also known as Pilot Flying J, started with a Virginia gas station purchased for $6,000.

It was later led by Jimmy Haslam, the billionaire owner of the Cleveland Browns football team.

Berkshire initially acquired 38.6% of Pilot for $2.76 billion in 2017 and increased its stake to 79.9% with an $8.2 billion investment in January 2023, subsequently overhauling the management. In 2023, Pilot contributed $603 million to Berkshire's profit.

The acquisition of the remaining 20% stake was subject to competing lawsuits in Delaware Chancery Court, with both sides accusing each other of manipulating Pilot's accounting in bad faith.

The resolution culminated in Berkshire's acquisition of the stake based on Pilot's profits, ending the legal dispute.

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