Warren Buffett's Berkshire Hathaway buys remaining 20% of truck-stop operator Pilot Travel Centers

By Bill Peters

The purchase follows a settlement between Berkshire and the Haslam family, which also owns the NFL's Cleveland Browns

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 (BRK.A) (BRK.B) said it had bought Pilot Corp.'s remaining 20% stake in Pilot Travel Centers, which runs hundreds of Pilot and Flying J truck stops and gas stations, along with other travel services, in the U.S. and Canada. No terms of the deal were provided.

"While this has certainly been an emotional decision for us, it is one we felt was right for our family at this time," Jim Haslam, who founded Pilot Corp. in 1958, said in a statement.

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, Jim Haslam's son, had leaned on employees in an effort to unfairly push the company's value higher - accusations that led to a federal investigation.

Berkshire had amassed an 80% stake in Pilot Travel Centers in recent years for $11 billion, according to the Wall Street Journal. As part of that investment deal, after Berkshire took control, Pilot Corp. would have 60 days, starting at the beginning of this year, to sell its leftover 20% to Berkshire, as the Associated Press explained.

Jimmy Haslam and his wife, Dee and the Haslam family have owned the Browns since 2012, according to the Browns' website.

Shares of Berkshire were up 0.2% on Wednesday.

-Bill Peters

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01-17-24 1205ET

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