Warren Buffett’s Berkshire Hathaway Inc. on Tuesday said it had taken full ownership of truck-stop operator Pilot Travel Centers from the Haslam family — the owners of the NFL’s Cleveland Browns — following a settlement agreement between the sides earlier this month.
In a brief statement, Berkshire
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said it had bought Pilot Corp.’s remaining 20% stake in Pilot Travel Centers, best known for its Pilot Flying J truck stops and gas stations. No terms of the deal were provided.
Earlier this month, Berkshire said it had settled a lawsuit with the Haslam-owned Pilot Corp. over how much Pilot Travel Centers was actually worth.
The Haslam family alleged that Berkshire had attempted to undervalue the company, according to the Wall Street Journal. Berkshire, in turn, alleged that Jimmy Haslam had taken steps to unfairly push the company’s value higher. Berkshire had amassed an 80% stake in Pilot Travel Centers in recent years for $11 billion, according to the publication.
Jimmy Haslam’s father, Jim Haslam, founded Pilot Corp. in 1958. Haslam and his wife, Dee, have owned the Browns since 2012.
Shares of Berkshire fell less than 1% in Tuesday’s trading and moved fractionally after hours.
