Warren Buffett's company is acquiring a major stake in Pilot Flying J truck stops and it will become a majority owner within about five years.
Berkshire Hathaway said today that it will buy 38.6 per cent of the company with 750 truck stops in 44 states and Canada, and that stake will rise to 80 per cent in 2023.
Financial terms have not been disclosed.
Pilot Flying J, which is run by Cleveland Browns owner Jimmy Haslam, has been under scrutiny in recent years because of a diesel fuel rebate scam that led to criminal charges against several executives.
The Knoxville, Tennessee, company paid a USD 85 million settlement with some of the defrauded customers as well as a USD 92 million penalty to the government.
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