Warren Buffett’s Berkshire Hathaway quietly made a multibillion-dollar acquisition in January, the company’s annual report shows. The deal promises to boost its exposure to the booming electric-vehicle industry.
The famed investor’s conglomerate purchased 41.4% of Pilot Travel Centers for about $8.2 billion on January 31. The transaction lifted Berkshire’s ownership of the business to 80%, as it originally bought a 38.6% stake in 2017.
Pilot is the largest operator of travel centers in North America, with more than 650 locations. Under the Pilot Flying J, Pilot Travel Centers, and Mr. Fuel brands, it offers gas, restrooms, parking, fast-food restaurants, and amenities such as laundry and showers to truck drivers and other motorists.