BP Plc BP.L said on Tuesday it would buy the majority share it does not already own in its Thorntons joint venture from ArcLight Capital Partners LLC to expand its presence in the U.S. fuels and convenience retail business.
Source: Reuters
The acquisition will bring BP more than 200 retail stores in Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida and will mark the company’s re-entry into fully owned and operated stores in the U.S.
Financial details of the deal were not disclosed.
Thorntons LLC was acquired by a joint venture between affiliates of ArcLight and BP in 2018.
BP has said it aims to nearly double its convenience and mobility business earnings by 2030. It also plans to increase the number of convenience sites in its global network from around 2,000 to more than 3,000 by 2030.
