HFC - HollyFrontier Holly Energy Partners to buy Sinclair Oil. Sinclair Transportation

HollyFrontier (NYSE:HFC) and Holly Energy Partners (NYSE:HEP) agree to acquire Sinclair Oil and Sinclair Transportation from The Sinclair Companies, and form a new parent company - HF Sinclair - which will replace HollyFrontier as the public company trading on the NYSE. Upon closing of the deal, HollyFrontier shares will convert on a one-for-one basis into HF Sinclair common shares, and HF Sinclair will issue ~60.2M common shares to Sinclair, with a transaction value of ~$1.8B based on HollyFrontier's fully diluted common shares and closing stock price on July 30. HollyFrontier will acquire Sinclair's branded marketing business, renewable diesel business and two Rocky Mountain-based refineries. Holly Energy Partners will buy Sinclair's integrated crude and refined products pipelines and terminal assets, including 1,200 miles of pipelines, eight product terminals, two crude terminals and Sinclair's minority interests in three pipeline joint ventures with HEP. HEP will consist issue 21M common units and pay $325M

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HollyFrontier, Holly Energy Partners to buy Sinclair Oil. Sinclair Transportation