Berkshire Hathaway Completes Purchase of Remaining Stake in Pilot Travel Centers, Says Haslam Family

Haslam Family Sells Remaining Stake in Pilot Travel Centers to Berkshire Hathaway

The Haslam family announced on Tuesday that their company, Pilot Corporation, has completed the sale of its remaining 20% ownership interest in the truck-stop giant Pilot Travel Centers to Berkshire Hathaway.

Details of the sale have not been disclosed. has reached out to Berkshire Hathaway for comment.

This sale comes after the Haslam family and Berkshire Hathaway settled a lawsuit in Delaware Chancery Court regarding the dispute over the use of an accounting method that could impact the value of the family’s stake in Pilot Travel Centers.

The terms of the out-of-court settlement were not made public at the time of the announcement, which avoided a two-day trial scheduled to begin on January 8th.

Berkshire Hathaway had previously acquired the majority stake in Pilot Travel Centers in separate transactions in 2017 and January 2023, spending a total of $11 billion.

PTC is the largest operator of travel centers in North America, with over 750 locations.

Under the terms of the 2023 transaction, the Haslam family had the option to compel Berkshire to buy their remaining 20% stake in PTC within a 60-day window each year.

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Last year, the Haslam family filed a lawsuit against Berkshire, alleging that the conglomerate had used unauthorized pushdown accounting at PTC, which would lower its stated value and reduce the amount Berkshire would have to pay for the family’s remaining stake.

Jim Haslam II, founder of PTC, expressed emotional sentiment regarding the sale, stating, “Pilot started with one gas station 65 years ago, and because of the dedicated and exceptional team members we have had throughout our history, it is now an industry leader. While this has certainly been an emotional decision for us, it is one we felt was right for our family at this time. We look forward to continuing to support our life-long home of Knoxville, Tennessee, and to furthering our deep commitment and philanthropy throughout the region that we all love.”

In December, it was reported that federal prosecutors in New York were investigating allegations made by Berkshire Hathaway that Jimmy Haslam III, owner of the Cleveland Browns, had offered payments to PTC executives in exchange for assistance in increasing the company’s value to benefit the family in a compelled sale. The Haslam family has denied these claims.

Note: This is breaking news. Check back for updates.

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