Warren Buffett's Berkshire Hathaway Snaps Up Remaining 20% Stake In Pilot Travel Centers From Haslam Family

The Haslam family has sold its remaining 20% stake in Pilot Travel Centers, the truck-stop giant, to Berkshire Hathaway Inc BRK BRK, the latter announced on Tuesday.

What Happened: The Haslam family, whose remaining stake in Pilot Travel Centers was valued at $3.37 billion by Berkshire Hathaway, has now sold the entirety of their ownership interest, reported CNBC.

“Berkshire Hathaway now owns 100% of Pilot Travel Centers,” Berkshire said in a statement. The sale was effective immediately.

The terms of the sale were not disclosed.

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Berkshire Hathaway had previously purchased the majority stake in Pilot Travel Centers from the Haslam family for over $10 billion in 2017 and January 2023. As part of the 2023 transaction, the Haslam family had the option to compel Berkshire to buy their remaining 20% stake at a price equal to 10 times Pilot Travel Centers’ stated earnings in the prior year.

Why It Matters: This announcement comes after a high-stakes battle unfolded between Warren Buffett, the renowned chairman and CEO of Berkshire Hathaway, and truck-stop mogul Jimmy Haslam. 

Pilot Corp. had accused Berkshire of manipulating financial statements to make Pilot Travel Centers appear less profitable in the short term and potentially diminish the deal’s value by up to $1.2 billion. While Berkshire had refuted these claims, insisting on the legitimacy of its actions.

Haslam family and Berkshire Hathaway resolved the dispute just before the trial was set to commence, earlier this month.

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