Aug 3 - The Sinclair Companies and its pipeline partner will buy refining and logistics assets from private owned The Hollyfrontier Corp in a $1.8 billion deal, the U.S. refiner said on Tuesday.
The deal comes as the U.S. fuel demand continues to recover from last year's record lows for coronavirus, with vaccinations helping states reopen and road travel is trending towards pre-pandemic levels.
A new company, HF Sinclair Corp, will replace HollyFrontier as the public company trading on the NYSE, it said in a statement. Under the deal, HollyFrontier will buy Sinclair's renewable marketing unit, branded diesel engine and two Rocky Mountain refineries.
The refiner said the deal is expected to add to HF Sinclair's earnings, cash flow and free cash flow within the first full year.