Holly Energy completes acquisition of HollyFrontier’s assets

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.

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.