Marathon Oil Corporation reports sale of 50% ownership stake in Pilot Travel Centers

Wed. October 01, 2008; Posted: 08:42 AM

Oct 01, 2008 (M2 EQUITYBITES via COMTEX) -- MRO | Quote | Chart | News | PowerRating -- Marathon Oil Corporation (NYSE: MRO), an energy company, declared on 30 September that is has signed an agreement for the sale of its 50% ownership interest in Pilot Travel Centers LLC (PTC) to Pilot Corporation in a cash transaction valued at USD700m, excluding any purchase price adjustments due at closing.

The transaction, which involved JP Morgan Securities Inc as Marathon's financial advisor, is anticipated to be completed in October 2008. Pilot Travel Centers LLC reportedly operates the largest travel centre network in the United States, 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.

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For full details on Marathon Oil Group (MRO) click here. Marathon Oil Group (MRO) has Short Term PowerRatings of 5. Details on Marathon Oil Group (MRO) Short Term PowerRatings is available at This Link.

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