Holly Energy Partners (HEP) and Holly Corporation (HOC) Announce Definitive Agreement for Acquisition of Pipeline and Tankage Assets
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Holly Energy Partners, L.P. (NYSE: HEP) and Holly Corporation (NYSE: HOC) announced a definitive agreement for the acquisition by Holly Energy from Holly of certain pipeline and tankage assets for approximately $180 million. The purchase price of $180 million consists of approximately $171 million in cash and Holly Energy common units valued at approximately $9 million. It is anticipated that this transaction will close on February 29, 2008, and will become effective March 1, 2008. Completion of the transaction is subject to certain closing conditions.
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