Billionaire Buffett buys major stake in Pilot Flying J

CNBC is reporting the conglomerate will acquire almost 40 percent of the Tennessee-based truck stop operator.

Pilot Flying J is now the largest operator of travel centers across North America, with locations along major highways and smaller transit routes alike.

In 2023, Berkshire Hathaway will buy an additional 41.4% equity stake and become majority shareholder, leaving the Haslam family with a 20% stake. Later, in 2023, Berkshire will increase its ownership to 80 percent, with the rest held by the Haslam family, including CEO Jimmy Haslam.

The buy would include the Flying J Travel Center along IL 15 in Alorton.

Jimmy Haslam said in an interview with CNBC Tuesday that the deal with Buffett is a fit because Berkshire is a "long-term investor" and "hands off". "[He] has a smart growth strategy in place and we look forward to a partnership that supports the trucking industry for years to come".

This story is developing.

"Pilot Flying J is built on a longstanding tradition of excellence and an unrivaled commitment to serving North America's drivers", Mr. Buffett, 87, said in a statement.

Walmart Acquires Parcel To Test Same-Day Delivery In NYC
The move also means Walmart has finally found a home in NY , where it's been blocked in its efforts to open stores for years. In addition to its workforce, Parcel operates an in-house fleet of leased and rented vehicles to manage delivery needs.

Haslam's father James, the company's founder and chairman, added that he was pleased Berkshire will keep the company's headquarters in Knoxville, Tennessee.

"Given the impeccable reputation of Warren Buffett's Berkshire Hathaway, and our shared vision and values, we decided this was an ideal opportunity", said Jimmy Haslam, CEO of Pilot Flying J. In tossing so much money into Pilot Flying J, the 86-year-old business titan is making a bet that there will continue to be money to be spent and made on America's much-mythologized highways.

The chain now has more than 27,000 employees and 750 locations.

This is why it makes sense for Pilot Flying J to have the financial backing of Berkshire amid the competitive pressure.

The company employs over 27,000 people and is the 15th largest private company in the U.S. The company does annual sales of around $19.6 billion, according to Forbes.

Berkshire Hathaway Inc operates as a holding company. Haslam's brother, Bill, also a billionaire who used to be the company's president, is not governor of Tennessee.

Related News:

  • Weigh in on changes to NBA All-Star Game

    Weigh in on changes to NBA All-Star Game

    Meanwhile, the East has added just one 2017 West All-Star: Gordon Hayward, who signed with the Boston Celtics . Voters will select the five starters - two guards, three frontcourt players - for each conference.
    WhatsApp, Facebook Messenger To Get A New Set Of Emojis

    WhatsApp, Facebook Messenger To Get A New Set Of Emojis

    So if you too want to save some space on your device or some data, go ahead and download the app from the Google Play Store . This is probably one of the main reason why Facebook has chose to now bring it to the USA and the other countries mentioned.
    Facebook will hire 1000 employees to control adverts amid Russian Federation  investigation

    Facebook will hire 1000 employees to control adverts amid Russian Federation investigation

    Facebook has revealed that around 10 million people viewed the political ads taken out by a Russian entity on its platform. In many cases, the ads encouraged people to follow pages on those issues. "This is an issue we have debated a great deal".
  • Gareth Bale ruled out of Wales' final World Cup qualifiers

    Gareth Bale ruled out of Wales' final World Cup qualifiers

    It is being reported that in his absence, the 17-year-old Ben Woodburn , who plays for Liverpool , could make his first start for Wales .
    Rams' Greatest Show 2.0 outshines America's Team 35-30

    Rams' Greatest Show 2.0 outshines America's Team 35-30

    He has five tackles and one sack in two games and the two-time Pro Bowler will certainly have the attention of the Cowboys . And at times this season, they have flashed some of that same type of play where it looks like they have the upper hand.
    Trump says Puerto Rico mayors 'want everything done for them'

    Trump says Puerto Rico mayors 'want everything done for them'

    Schumer says Trump should focus on helping Puerto Rico instead of tweeting against Cruz, "who's watching her people die". He further said that the results of recovery efforts would speak much louder than complaints by San Juan Mayor.
  • Three & Out: Takeaways from Rams' 35-30 Victory Over Cowboys

    Three & Out: Takeaways from Rams' 35-30 Victory Over Cowboys

    Through the first two quarters of play, Prescott had completed 11-of-15 passes for 155 yards and a 145.8 passer rating. He Said It: "It's only the beginning". "We've been here a year ago at 3-1 and then we only won one game after that".
    Playstation unveils updated VR headset

    Playstation unveils updated VR headset

    The packaging will also change slightly but the model number will be printed on the box, so there's nothing to be anxious about. These are small quality of life changes as opposed to the total hardware shakeups that some may have been looking forward to.
    Travellers stranded after Monarch airline collapses

    Travellers stranded after Monarch airline collapses

    Passengers have been stranded and almost 2,000 jobs have been lost after Luton-based airline Monarch ceased trading earlier today. Two flights carrying Monarch customers from Ibiza have landed at Gatwick and Birmingham on Monday morning.
  • USA  will 'firmly address' Pak's role in Afghanistan: Mattis

    USA will 'firmly address' Pak's role in Afghanistan: Mattis

    General John Nicholson, the top USA commander in Afghanistan, "is holding the line", Mattis assured the senators. The Senate Armed Services Committee "still does not know numerous crucial details of the strategy".
    Facebook to Add Facial Recognition Feature Soon for Unlocking Account

    Facebook to Add Facial Recognition Feature Soon for Unlocking Account

    The Facebook app will then scan the face and compare it with the tagged images and videos of the user uploaded on the profile. Both devices support facial recognition so Facebook aims to use the hardware in those devices to their full potential.
    Everton manager Koeman explains why fans can not  complain about this issue

    Everton manager Koeman explains why fans can not complain about this issue

    If we had beaten Burnley , we would have been eighth or something like that and climbing up the table. Which channel can I watch Everton vs Burnley? "If you play European football, you don't have time".


Most liked

Virat Kohli's Message For The Indian Football Team Ahead Of Mega Tournament
Matos further stated that the India U-17s, on their day, could put the best of teams under pressure and fight for a win. Meanwhile, Indian cricket team captain Virat Kohli wished the players good luck for the U-17 World Cup.

Former Equifax CEO blames breach on one IT employee
Security experts have said that the ripple effects will be felt for years to come and that the ultimate costs are hard to discern. Equifax keeps a trove of consumer data for banks and other creditors who want to know whether a customer is likely to default.

Google must improve sales for Pixel 2
Amazon has its own Alexa voice assistant in Echo Dot while Google is expected to rope in its own Assistant in Google Home Mini . With that said, it's seems like Google's launch event will be one of the biggest hardware releases from the them in seasons.

Microsoft Is Working to Extend Exclusive Deal With PlayerUnknown's Battlegrounds
It is said that Blue is "likely" to extend the exclusivity agreement between both parties. Developer Bluehole has yet to comment.

Monday forecast: partly sunny, high 75
Wednesday and Thursday look like they will be partly cloudy to mostly cloudy with highs staying in the upper 70s to low 80s. Rain chances will begin around 10 percent but build through the afternoon as well.

Samsung's Mixed Reality Headset Has AMOLED Displays, Spatial Audio
The headset offers a 110-degree field of view, and its spatial AKG headphones are created to put sound all around you. It's called the HMD Odyssey, and it's the first Samsung VR headset to run on the Windows Mixed Reality platform.

Fallout 4 VR Getting Bundled With The HTC Vive Headset
Meanwhile, if you already own a Vive and decide to purchase Fallout 4 VR , you'll get a free 3-month Viveport subscription . Further information and updates can be found on the Steam store page , or official Crowe: The Drowned Armory website .

Local Agencies Crack Down for Domestic Violence Awareness Month
October is nationally-proclaimed as Domestic Violence Awareness Month and its cause color is purple. All humans have inherent dignity, and no one deserves to be in an abusive relationship.

Walk, flowers call attention to issue of domestic violence
Her vital energy is hard to miss and she is ever present at nearly every various awareness events throughout the year. Free domestic violence training opportunities are available for advocates, law enforcement and prosecutors.

Facebook Messenger Lite Android app now available in US, UK
Facebook's " Lite " version of its Messenger app is now available for Android users in the Google Play Store . People seem to enjoy its simple nature and data-friendly approach, even if they do have high-end smartphones.

The French police have prevented a terrorist attack at the stadium
French politicians are set to vote later on a new counter-terror law created to end the country's two-year state of emergency. Police found two cylinders of gas in the hall of a building in the city's 16th arrondissement and two others on the sidewalk.

Russian Opposition Leader Navalny Sentenced to 20 Days in Prison
Bush and then served in that role in China under President Obama before returning to the U.S.to run for president. He was the nation's top diplomat to Singapore under President George H.W.

Palestinian prime minister visits Gaza
This is far from the first attempt at Palestinian reconciliation - and Hamas will want something in return for concessions. Despite the rapprochement between Hamas and Fatah, a number of issues are yet to be resolved.

Redskins Will Look For A Week 4 Upset At Arrowhead
Next up for the defending AFC West champions is a game against Washington on Monday Night Football at Arrowhead Stadium. While the Chiefs appear the better team, the Redskins are coming off a drubbing of Oakland last week in primetime.

Catalan voters clash with Guardia Civil as referendum chaos leaves 800 injured
Spain's Interior Ministry said more than 400 National Police and Civil Guard officers also suffered injuries during the clashes. As a result, the game was played behind closed doors at the Camp Nou stadium, with only press permitted to watch the game.