HollyFrontier to buy refining, logistics assets from Sinclair in about 1.8 bln deal (updated)

Holly Energy Partners LP

03/08/2021 11:32

(Adds industry background, details from the release)
    Aug 3 (Reuters) - Hollyfrontier Corp  HFC.N  and its
pipeline partner will buy refining and logistics assets from
privately held The Sinclair Companies in a $1.8 billion deal,
the U.S. refiner said on Tuesday.
    The deal comes as U.S. fuel demand continues to recover from
last year's coronavirus-led record lows, with vaccinations
helping states reopen and road travel trending towards
pre-pandemic levels.
    A new company, HF Sinclair Corp, will replace HollyFrontier
as the public company trading on the NYSE, it said in a
statement.
   Under the deal, HollyFrontier will buy Sinclair's branded
marketing unit, renewable diesel unit and two Rocky
Mountain-based refineries.
    The refiner said the deal is expected to add to HF
Sinclair's earnings, cash flow and free cash flow within the
first full year. 

 (Reporting by Rithika Krishna in Bengaluru; editing by Vinay
Dwivedi)
 ((Rithika.Krishna@thomsonreuters.com;))