Warren Buffet Buys Interest In Pilot Flying J Truckstops
Warren Buffet's Berkshire Hathaway and and Pilot Travel Centers announced a deal that will make his company the majority owner in about 5 years.
Pilot has 750 truck stops in 44 states and Canada. They employ about 27,000. The company is run by Cleveland Browns owner Jimmy Haslam and has been under the microscope since a diesel fuel rebate scam that lead to some of the company's executives facing charges.
The deal gives buffet a 38.6 percent of the company to start with and will get him to 80 percent ownership within 5 years.
As part of the deal the Haslam family will reduce its stake to 20 percent and another minority owner will sell by 2023. Omaha, Nebraska-based Berkshire holds major investments in Wells Fargo, Bank of America, Apple and other well-known companies.
Pilot J has a truck stop in Northfield, Inver Grove Heights and St. Cloud.