October 2, 2008 at 3:23 am #3403
The exodus of Integrated Refinery from Retail Gas stations continue as MAP sells PTC and COP sells 92 stations K&G – the news articles are below:
MAP = October 1, 2008 CSP Daily News FLASH
PILOT, PRIVATE EQUITY FIRM BUY OUT MARATHON’S TRAVEL CENTER STAKE
KNOXVILLE, Tenn. — Pilot Corp., a parent company of Pilot
Travel Centers, announced today that CVC Capital Partners will
be acquiring a 47.5% interest in Pilot Travel Centers forming an
equal governance partnership with Pilot Corp., wholly owned by
the Haslam family.
The $700 million transaction is expected to close in October
CVC’s investment, and the new ownership structure whereby Pilot
Corp. will own 52.5% of PTC, facilitates the sale by Marathon
Oil Corp. of its interest in PTC, which it has held since PTC
was formed in 2001. The current management, led by CEO James A.
Haslam III, will continue to manage the business on a day-to-day
Knoxville, Tenn.-based PTC operates the largest travel center
network in the United States with 305 locations in 40 states and
one in Ontario, Canada. The company also licenses 18 locations
in four states.
COP = October 1, 2008 CSP Daily News FLASH
K&G PETROLEUM TO ACQUIRE 92 CONOCOPHILLIPS RETAIL SITES FROM
PACIFIC CONVENIENCE & FUELS
DENVER — K&G Petroleum LLC, a ConocoPhillips marketer in
Denver, announced today that it has signed a purchase agreement
to acquire from Pacific Convenience & Fuels LLC the 92
ConocoPhillips company-owned and -operated sites in Kansas,
Missouri, Utah, and New Mexico.
The transaction is expected to close simultaneously with the
previously announced acquisition of all of ConocoPhillips’
remaining U.S. owned and operated retail and c-store outlets by
Pacific Convenience & Fuels.
The transaction is expected to close subject to regulatory
approvals and customary closing conditions.
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