How Texas Figures Into Warren Buffett's Big Stake in Pilot Flying J Truck Stops

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.The ubiquitous truck stops, 750 of them in 44 states and Canada, make up the 15th largest private company in the U.S., according to Forbes, with revenue of more than $20 billion per year.Omaha, Nebraska-based Berkshire Hathaway and Pilot Travel Centers announced the deal Tuesday morning. Initially, Berkshire will buy 38.6 percent of the company that runs 750 truck stops across 44 states and Canada and employs 27,000, but in 2023 that will increase to 80 percent.Financial terms weren't disclosed, so it wasn't immediately clear how much of Berkshire's roughly $100 billion in cash will be used.  Continue reading...