Warren Buffett's Berkshire Hathaway said Tuesday it has acquired full ownership of truck stop operator Pilot Travel Centers from the Haslam family — owner of the NFL's Cleveland Browns — following a settlement agreement between the two sides earlier this month.
In a brief statement, Berkshire BRK.A,
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It said it bought Pilot Corp.'s remaining 20% stake in Pilot Travel Centers, known for its Pilot Flying J truck stops and gas stations. No terms were provided for the deal.
Earlier this month, Berkshire said it settled a lawsuit with Pilot Corp., Pilot Travel Centers Inc. and National Indemnity Inc. over the actual value of the Pilot Travel Centers.
Hassan's family claimed that Berkshire was trying to undervalue the company, according to reports. Berkshire, in turn, alleged that Jimmy Haslam took steps to unfairly raise the value of the company.
Berkshire has amassed another 80% of experiential travel centers over the past few years, according to the Wall Street Journal.
Jimmy Haslam's father, Jim Haslam, founded Pilot Corp. in 1958. Haslam and his wife, Dee, have owned the Browns since 2012.
Berkshire shares fell slightly after hours.
