Service properties trust completes transaction with bp in connection with bp's acquisition of travelcenters of america inc.

Newton, mass.--(business wire)--service properties trust (nasdaq: svc) announced today that bp p.l.c. (nyse: bp) completed its acquisition of travelcenters of america inc. on may 15, 2023, and the previously announced amended lease terms between svc and bp are now in effect. svc received $379.3 million in cash as part of the transaction, including $188.0 million in prepaid rent from bp, $101.9 million in merger consideration for the 7.8% of the outstanding ta shares owned by svc, and $89.4 mill.
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