By Michael Dabaie
BP PLC said it would take full ownership of its Thorntons joint venture to boost its presence in the U.S. fuels and convenience retail business.
BP said it agreed to acquire the majority share it doesn't already own in the business from ArcLight Capital Partners LLC.
The oil and gas company said it isn't disclosing financial details of the deal, which it expects to close later this year.
BP said once the transaction is complete, it will become a leading convenience operator in the Midwest, with 208 owned and operated locations across Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida. BP said it plans to retain and build on the Thorntons brand.
BP said it aims to increase the number of strategic convenience sites in its global network from around 2,000 today to more than 3,000 by 2030.
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(END) Dow Jones Newswires