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HOUSTON -- In a transaction valued at approximately $700 million, Marathon Oil Corp. officially completed the sale of its 50 percent ownership interest in Pilot Travel Centers LLC (PTC) to Pilot Corp. and CVC Capital Partners.
"When Marathon and Pilot Corp. joined together to form PTC in 2001, we had a shared vision of creating the leading travel center network in the U.S.," Gary R. Heminger, Marathon executive vice president and president of the company's refining, marketing and transportation operations, said when the deal was announced last week. "Through the outstanding relationship we have enjoyed with Pilot Corp. and its owners, the Haslam family, we have realized that vision and in the process, created substantial value for both of our companies."
This latest sale supports Marathon’s review of its global asset portfolio, according to a company statement. The sale brings announced pretax sales values, including the previously announced sale of non-core Norwegian assets, to $1.1 billion. Earlier this year the company set a goal of $2 to $4 billion in gross proceeds by mid-year 2009.
Marathon is the fourth largest United States-based integrated oil company and the nation’s fifth largest refiner.