Press Release

Morgan Lewis Advises HollyFrontier in Combination with Sinclair Oil

August 03, 2021

PHILADELPHIA, August 3, 2021: Morgan Lewis advised HollyFrontier Corp. (NYSE: HFC) in connection with the acquisitions by HollyFrontier and Holly Energy Partners LP of Sinclair Oil Corp. and Sinclair Transportation Co., respectively, from The Sinclair Companies.

As part of the HollyFrontier transaction, HollyFrontier will form a new parent company to be named HF Sinclair Corp. and issue Sinclair approximately 60.2 million shares of stock, representing a transaction value of approximately $1.8 billion based on HollyFrontier’s closing stock price on July 30. The consideration in the Holly Energy Partners transaction will consist of 21 million Holly Energy Partners common units and the payment of $325 million of cash, representing a transaction value of approximately $758 million based on Holly Energy Partners' closing unit price on July 30. 

HollyFrontier is an independent petroleum refiner and marketer that produces high-value light products such as gasoline, diesel fuel, jet fuel, and other specialty products.

Morgan Lewis partner Benjamin Wills and associates Conor Larkin and Rob Powers are representing HollyFrontier, along with partners Jim McKenzie, Greg Hartker, Sarah-Jane Morin, Anita Polott, Erin Randolph-Williams, August Heckman, Doneld Shelkey, and Stephen Fitzgerald, of counsel Jeffrey Hurwitz and Eric Marcuson, senior counsel Judith Walkoff, and associates John Mickles, Maddy Anand, Matthew Sherman, Brian Soares, Samuel Bryant, Ashley Chilton, Melissa Brown, and Natacha Massih.

Morgan Lewis previously advised HollyFrontier in its agreement to acquire the Puget Sound Refinery and related logistics assets from Equilon Enterprises LLC d/b/a Shell Oil Products US.