16.08.2023 13:14:16
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HF Sinclair To Acquire Holly Energy Partners In Cash And Stock
(RTTNews) - HF Sinclair Corp (DINO) an energy company, announced on Wednesday that it entered into a definitive agreement to acquire Holly Energy Partners L.P. in cash and stock having a par value of $0.01.
Under the agreement terms, each holder of HEP common unit will receive a combination of 0.315 shares of common stock and $4.00 in cash, for each publicly held common unit.
This proposed transaction represents around 2 percent premium to the closing price of HEP's common units as of August 15.
HF Sinclair expects the deal, scheduled to close in the fourth quarter, to add to its earnings within the first 12 months.
On Tuesday, shares of HF Sinclair closed at $56.22 down 2.99% and shares of HEP closed at $21.30 down 1.16% on the New York Stock Exchange.
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