HF Sinclair shares rise on deal to buy Holly Energy Partners

Holly Energy Partners LP

16/08/2023 14:42

** Shares of U.S.-based refiner HF Sinclair  DINO.N  up about 3%
 at $57.24 
    ** Co to buy outstanding common units of Holly Energy
Partners L.P.  HEP.N  not owned by DINO in exchange for a
combination of common stock and cash
    ** Each holder of HEP's common unit to receive a combination
of 0.315 shares of DINO's common stock & $4 in cash, without
interest, for each publicly held Common Unit - co
    ** Deal expected to be accretive to co's earnings per share,
available free cash flow within the first 12 months
    ** Upon closing, HEP to no longer be publicly traded and
will be unit of HF Sinclair
    ** Separately, co says board authorized a $1 bln share
repurchase program
    ** Deal expected to close in Q4 of 2023
    ** As of last close, DINO shares up 8.3% YTD
     

 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))