HF Sinclair Corporation announced the completion of the transactions contemplated by the previously announced agreement and plan of merger, pursuant to which HF Sinclair acquired all of the outstanding common units (HEP common units) representing limited partner interests in Holly Energy Partners, L.P. (HEP) not already owned by HF Sinclair and its subsidiaries, for a combination of 0.3150 of a share of HF Sinclair common stock and $4.00 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. 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.
Tim Go, HF Sinclair’s Chief Executive Officer and President, said “On behalf of our Board of Directors and management team, we thank the HEP unitholders for their long-standing support and partnership over the years. We believe the closing of this transaction further advances our strategy of integrating and optimizing our assets as a combined company under HF Sinclair.”
