The final tranche of Pilot Travel Centers purchased by Berkshire Hathaway appears to have put the enterprise value of the travel center chain significantly lower than it was just a year earlier.
In the company’s 10-K report filed with the Securities and Exchange Commission over the weekend, Berkshire Hathaway revealed that it had paid $2.6 billion for the final 20% of Pilot it did not already own. That would give Pilot an enterprise value of $13 billion.
But in the first quarter of 2023,...