By Warren Buffett’s Berkshire Hathaway Inc. has announced that it has acquired full ownership of truck-stop operator Pilot Travel Centers from the Haslam family. The Haslam family, who are also the owners of the NFL’s Cleveland Browns, reached a settlement agreement with Berkshire earlier this month.
In a statement, Berkshire revealed that it has purchased Pilot Corp.’s remaining 20% stake in Pilot Travel Centers. Pilot Travel Centers is best known for its Pilot Flying J truck stops and gas stations. However, no details regarding the terms of the deal were provided.
This acquisition comes after Berkshire settled a lawsuit with Pilot Corp., Pilot Travel Centers, and National Indemnity Co. The dispute revolved around the valuation of Pilot Travel Centers. The Haslam family accused Berkshire of undervaluing the company, while Berkshire alleged that Jimmy Haslam had artificially inflated its value.
Over the past several years, Berkshire had gradually acquired the other 80% of Pilot Travel Centers. The company’s founder, Jim Haslam, established Pilot Corp. in 1958. Since 2012, the Browns have been owned by Jim Haslam and his wife, Dee.
Following the announcement, Berkshire’s shares experienced a slight decline in after-hours trading.
Comments