HollyFrontier and HEP completed the acquisition of Sinclair Oil and Sinclair Transportation from Sinclair for $2.5bn.

HollyFrontier, an independent petroleum refiner, completed the acquisition of the branded marketing business, renewable diesel business, and two refiners from Sinclair, a holding company, for $1.8bn, and Holly Energy Partners, a petroleum company, completed the acquisition of the integrated crude and refined products pipelines and terminal assets from Sinclair for $758m. “HollyFrontier was formed through a transformational merger that facilitated a decade of significant stockholder returns along with growth and diversification into lubricants and renewables. We believe these transactions with Sinclair represent a similar inflection point, marking the beginning of our next chapter as HF Sinclair. With this accretive transaction, we are adding an integrated marketing business with an iconic brand while building on the strength of our expanded refining network, increasing our scale and accelerating the growth of our renewables business. Together, with Sinclair and the dedicated employees who make it successful, we will be positioned to further build this business, capture synergies, and generate cash that will facilitate both capital return to stockholders and further investment in the business,” Mike Jennings, HollyFrontier and HEP CEO.