HF Sinclair and Holly Energy Partners has announced today that they have entered into a definitive merger agreement for HF Sinclair to acquire all of the outstanding common units.
HF Sinclair’s CEO and president, Tim Go say: ‘We are pleased to announce this strategic transaction which we believe simplifies our corporate structure, reduces costs and further supports the integration and optimization of our portfolio. We expect the transaction to be accretive to earnings per share and available free cash flow within the first twelve months, further supporting our capital allocation strategy of returning excess cash to shareholders.’
Upon closing of the proposed transaction, the partnership will be a wholly owned subsidiary of HF Sinclair and will no longer be a publicly traded partnership.
The proposed transaction is expected to close in the fourth quarter of 2023, subject to approval.
