CVC tells investors it plans to sell final stake in North America's Pilot Travel
CVC Capital Partners Ltd told investors it may sell its final stake in Pilot Travel Centers LLC. CVC said it plans to exit the said stake to the gas station operator's majority owner, according to Bloomberg Businessweek.
A filing to investors said CVC may sell its remaining 20% holding in Pilot to the Haslam family's Pilot Corp. The filing also said the possible sale would have two stages - In January 2015 and June 2017, the report detailed.
A source familiar with the matter said CVC's holding would be valued at over $2 billion. This amount is based on the current performance of the gas station. Pilot Corp presently owns around 80% of Pilot Travel. Following the sale, Pilot Corp would become the gas station's operator's sole owner, the report said.
Both Pilot Travel and CVC have yet to confirm the terms of the said transaction, the report added.
CVC's website says Pilot Travel is the biggest owner of travel centers across North America. The latter has over 460 gas stations serving a daily average of 950,000 customers, Bloomberg Businessweek reported.