Holly Energy Partners has completed acquisition of HollyFrontier’s assets for $340m.
The firm has acquired pipeline, tankage, loading rack and crude receiving assets located at refineries in El Dorado, Kansas, and Cheyenne, Wyoming, both US.
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The purchase price included promissory notes with an aggregate principal amount of $150m and about 3.8 million Holly Energy common units valued at $190m.
Both firms have entered into a 15-year throughput agreements containing minimum annual revenue commitments from HollyFrontier.
Holly Energy expects to increase its annual revenue to $47m with this acquisition.
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By GlobalData
