Berkshire Hathaway acquired Pilot Travel Centers, LLC (Pilot / Flying J) for Approximately $8.2 billion for the additional 41.4% interest that took Berkshire to majority control, a transaction completed in January 2023, structured as combination (staged buy-in).
Pilot Travel Centers, LLC (Pilot / Flying J) operates in Retail / travel centers, is based in Knoxville, Tennessee. Berkshire first bought a 38.6% interest in Pilot Travel Centers in October 2017 and accounted for it under the equity method. On January 31, 2023 it acquired an additional 41.4% interest for about $8.2 billion, gaining control and consolidating Pilot, the largest operator of travel centers in North America (Pilot and Flying J brands) with more than 650 locations across 44 U.S. states and six Canadian provinces.
Dominant, cash-generative travel-center network tied to freight and highway traffic.
On January 31, 2023, we acquired an additional 41.4% interest in Pilot for approximately $8.2 billion... we attained control of Pilot for financial reporting purposes as of that date.Berkshire Hathaway FY2022 10-K, Business Acquisitions / Subsequent Events note
Advisory firms were not disclosed for this transaction.