Volvo Trucks North America, part of the Volvo Group, is divesting its entire 28.68-percent ownership in U S truck stop chain Petro Stopping Centers Holding L P to TravelCenters of America and Hospitality Properties Trust.
The purchase consideration amounts to USD 46.3 M. The transaction will result in a capital gain of USD 46.3 M 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 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.
