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) --
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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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