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New Deal


Announced

Completed

Holly Energy Partners and Plains All American completed the formation of Cushing Connect Pipeline & Terminal for $130m.

Financials

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Transaction Value£105m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Majority

Completed

Joint Venture

Friendly

United States

Single Bidder

crude oil pipeline

Domestic

Pipelines

Private

Synopsis

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Holly Energy Partners, a provider of petroleum product and crude oil transportation, terminalling, storage and throughput services, and Plains All American, a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, NGLs and natural gas, completed the formation of Cushing Connect Pipeline & Terminal, a newly formed company, for $130m. “The new Joint Venture will provide growth to HEP by insourcing logistics spend and provide the capability to supply 100% of HFC’s Tulsa Refinery crude throughput. Our partnership with Plains generates HEP growth while providing HFC long-term control of a strategic asset,” George Damiris, Holly Energy Partners Chief Executive Officer.

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