Warren Buffett’s Berkshire Hathaway takes full ownership of Pilot Travel Centers

Warren Buffett’s Berkshire Hathaway Inc. on Tuesday said it had taken full ownership of truck-stop operator Pilot Travel Centers from the Haslam family — the owners of the NFL’s Cleveland Browns — following a settlement agreement between the sides earlier this month.

In a brief statement, Berkshire
BRK.A,
-0.78%

BRK.B,
-0.69%
said it had bought Pilot Corp.’s remaining 20% stake in Pilot Travel Centers, best known for its Pilot Flying J truck stops and gas stations. No terms of the deal were provided.

Earlier this month, Berkshire said it had settled a lawsuit with Pilot Corp., Pilot Travel Centers and National Indemnity Co. over how much Pilot Travel Centers was actually worth.

The Haslam family alleged that Berkshire was trying to undervalue the company, according to reports. Berkshire, in turn, alleged that Jimmy Haslam had taken steps to unfairly push the company’s value higher.

Berkshire had amassed the other 80% of Pilot Travel Centers over the past several years, according to the Wall Street Journal.

Jimmy Haslam’s father, Jim Haslam, founded Pilot Corp. in 1958. Haslam and his wife, Dee, have owned the Browns since 2012.

Shares of Berkshire were down fractionally after hours.

Source link