Warren Buffett's company is acquiring a major stake in Pilot Flying J truck stops and it will take over a majority stake within about five years from the family of Cleveland Browns owner Jimmy Haslam and Tennessee Gov. Bill Haslam.
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 27,000 employees and revenue of more than $20 billion per year.
Berkshire Hathaway and Pilot Travel Centers announced the deal Tuesday morning. Initially, Berkshire will buy 38.6 percent of the company, but in 2023 that will increase to 80 percent.
Financial terms weren't disclosed, so it wasn't...