TravelCenters of America LLC has completed the $330.8 million sale of its convenience store business.
With the completion of the deal, which the company announced in September, TA relinquishes 225 standalone convenience stores, one standalone restaurant, five parcels of land and related assets.
After transaction-related costs, the deal should yield net proceeds of $321.4 million, which will be used to reduce future rent and/or interest payment obligations.
“This strategic divestment is a significant step in support of TA’s strategy to be a more focused leader in the travel center industry," CEO Andrew J. Rebholz said in a statement. "The sale of the convenience stores business will allow us to address the company’s leverage, focus more on our core travel centers business and thoughtfully pursue our growth programs.”
