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TravelCenters Stock Soars 70% After BP Deal News

Shares of TravelCenters of America rose 70% at the open after BP said it would acquire the convenience store operator for about $1.3 billion, the latest acquisition by a big oil-and-gas company.

The stock rose to more than $84 per share, around the $86 per share BP is paying.

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TravelCenters of America operates about 280 TA and Petro Stopping Centers in 44 states. It recently said it planned to build around 1,000 electric-vehicle charging locations across the U.S. with Electrify America.

Convenience stores are seen as a potentially lucrative investment in the transition away from fossil fuels as electric-car adoption increases and consumers have to wait at the stores for their cars to charge, increasing possible sales opportunities of snacks and other products.

Flush with cash, big oil-and-gas companies are under pressure to invest responsibly and continue growing. Shell last month said it would buy charging firm Volta for about $169 million. BP, Shell and other firms spent billions of dollars on renewable natural gas and other acquisitions last year. BP recently said it would slow its shift to renewables away from its core oil-and-gas business.