OMAHA, Neb. (AP) — Warren Buffett's company is acquiring a major stake in Pilot Flying J truck stops from the family of Cleveland Browns owner Jimmy Haslam and it will become a majority owner within about five years.
Berkshire Hathaway said Tuesday that it will buy 38.6 percent of the company with 750 truck stops in 44 states and Canada, and that stake will rise to 80 percent in 2023.
Financial terms have not been disclosed.
Jimmy Haslam will stay on as CEO through 2023, and the Haslam family will be involved with the leadership of the company after that. Pilot Flying J's headquarters will stay in Knoxville, Tennessee.
Pilot Flying J, which is run by Browns owner Jimmy Haslam, has been under scrutiny in recent years because of a diesel fuel rebate scam that led to criminal charges against several executives.
The company paid an $85 million settlement with some of the defrauded customers as well as a $92 million penalty to the government.
The sale of Pilot Flying J does not affect the Browns, which are owned by Jimmy Haslam and his wife, Dee, and are not connected in any other way with Pilot Flying J.