HF Sinclair Corporation’s merger with Holly Energy Partners, L.P., a firm with pipeline operations across Oklahoma, was completed over the weekend. The deal is valued at $1.44 billion, according to a Reuters report.
Sinclair acquired all of the outstanding communit units representing limited partner interests in Holly Energy Partners. The acquisition was for a combinaton of 0.3150 of a share of HF Sinclair common stock and $4 in cash without interest per HEP Common Unit.
The merger of HEP with a subsidiary of HF Sinclair became effective upon the filing of the certificate of merger with the Secretary of State of the State of Delaware, which occurred on Friday. As a result of the transaction, HEP Common Units will no longer be listed on the New York Stock Exchange, and HEP will cease to be a publicly traded partnership.
“We believe the closing of this transaction further advances our strategy of integrating and optimizing our assets as a combined company under HF Sinclair,” said Tim Go, HF Sinclair’s Chief Executive Officer and President.
HF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. HF Sinclair owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah and markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states.
HF Sinclair supplies high-quality fuels to more than 1,500 branded stations and licenses the use of the Sinclair brand at more than 300 additional locations throughout the country.