M&A · Energy · Pipe Lines (No Natural Gas)
HF Sinclair Corp to acquire Holly Energy Partners LP
Announced Aug 16, 2023 · Closed Dec 1, 2023
Deal value—
Premium2.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock
Transaction
- Acquirer
- HF Sinclair Corp (DINO)
- Target
- Holly Energy Partners LP
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Dec 1, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Intrepid Partners, Barclays
Sector context · Energy
- Comparable deals
- 35 in the prior 24 months
- Premium
- 2.0% vs. 27.3% sector median
- EV / Adj. EBITDA
- Sector median 8.7x
- Break fee
- Sector median 2.9%
Timeline
- AnnouncedAug 16, 2023
- Proxy filedOct 26, 2023
- Definitive proxyOct 26, 2023
- Shareholder voteNov 28, 2023
- ClosedDec 1, 2023
Valuation · fairness opinions
Trading comparables$15.28$20.70
Trading comparables$14.56$20.21
Discounted cash flow$15.89$20.97
Discounted cash flow$15.76$20.42
Discounted cash flow$15.14$19.31
Implied value per Holly Energy Partners LP share by analysis.