Buffett’s Berkshire buys 38.6% stake in travel center operator Pilot Flying J

Warren Buffett’s investment vehicle Berkshire Hathaway Inc. said Tuesday it is buying a 38.6% stake in Pilot Travel Centers LLC, which does business as Pilot Flying J, a family-owned operator of travel centers in North America. The Haslam family will continue to own a majority stake in the company, which has more than $20 billion in revenues, more than 27,000 employees and 750 locations across the U.S. and Canada, Berkshire said in a statement. Jimmy Haslam will remain as chief executive, and the management team will remain in place. The company will remain headquartered in Knoxville, TN. The Maggelet family will retain its 11.3% ownership. In 2023, Berkshire will buy an additional 41.4% equity stake and become majority shareholder, leaving the Haslam family with a 20% stake. Buffett also owns stakes in a number of U.S. airlines, including American Airlines Group Inc. , Delta Air Lines Inc. , Southwest Airlines Co. and United Continental Holdings Inc. . Berkshire class B shares were slightly higher premarket, and have gained 14% in 2017, while the S&P 500 has gained 13%.

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