Marathon sells Pilot Travel Centers ownership interest
Marathon Oil Corporation (Houston) announced that it has entered into a definitive agreement with Pilot Corp. under which Marathon will sell its 50 percent ownership interest in Pilot Travel Centers LLC to Pilot Corp. in a cash transaction valued at $700 million, excluding any purchase price adjustments due at closing. The companies expect to close the transaction in October 2008.
PTC, formed in 2001, operates the largest travel center network in the U.S. with more than 275 locations in 40 states and one in Ontario, Canada. The company also licenses its trademark to 18 locations in four states. PTC plays an important role in U.S. transportation fuels infrastructure supplying approximately 10 percent of the on-road diesel fuel consumed in the U.S. Marathon currently supplies significant volumes of motor fuels to PTC, and following the sale, the company expects to remain one of PTC's key suppliers.