DALLAS — HF Sinclair Corporation and Holly Energy Partners (HEP) have entered into a definitive merger agreement for HF Sinclair to acquire all outstanding common units of HEP not owned by HF Sinclair or its affiliates. This is in exchange for a combination of common stock, par value $0.01 per share, of HF Sinclair stock and cash.

The agreement provides for consideration of both stock and cash in which each holder would receive a combination of 0.315 shares of stock and $4 in cash, without interest, for each publicly held common unit. The proposed transaction consideration represents an approximate 2% premium to the closing price of HEP’s common units.

HF Sinclair CEO and President Tim Go, commented, “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.”

For more information, visit investor. hollyenergy.com.