GREENSBORO, N.C. -- Volvo Trucks North America, part of the Volvo Group, has divested its entire 28.68% ownership in U.S. truckstop chain Petro Stopping Centers Holding LP to TravelCenters of America and Hospitality Properties Trust, the truck manufacturer said.
The purchase consideration amounts to $46.3 million. The transaction will result in a capital gain $46.3 million affecting second-quarter operating income in Volvo Group's truck segment.
Volvo Trucks North America purchased its holding in Petro in 1999 to strengthen its network of parts [image-nocss] and service points in North America. Since then, major investments have been made in the Volvo distribution network in North America and, accordingly, ownership in Petro now has less strategic importance, the company said.
Last week, Hospitality Properties Trust (HPT) acquired 40 travel centers from Petro Stopping Centers for $630 million plus closing costs, while its subsidiary, TravelCenters of America LLC (TA) acquired 24 Petro franchise agreements and five other Petro sites. With HPT leasing the 40 sites it purchased to TA for an initial net rent of approximately $62.2 million a year, TA has added 69 sites to its previous stable of 164 travel centers.
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