Petroleum company Holly Energy Partners LP (NYSE:HEP) reported on Thursday the completion of the acquisition of HollyFrontier Corporation's (NYSE:HFC) 75% interest in UNEV Pipeline LLC for a purchase price of USD315m, subject to certain post-closing purchase price adjustments.
UNEV is the owner of about 400 mile, 12-inch refined products pipeline connecting Woods Cross, Utah to Las Vegas, Nevada, related products terminals near Cedar City, Utah and Las Vegas, Nevada and other related assets.
UNEV currently owns a refined products pipeline stretching from Woods Cross, the state of Utah, to Las Vegas, Nevada.
Its minority stockholder, HollyFrontier, produces gasoline, diesel and jet fuel as well as other speciality products.Country: USASector: Petroleum/Natural Gas/CoalTarget: UNEV Pipeline LLCBuyer: Holly Energy Partners LPVendor: HollyFrontier CorporationDeal size in USD: 315mType: DivestmentFinancing: Cash & StockStatus: Closed
It markets its refined products mainly in the Southwest part of the US, the Rocky Mountains and neighboring Plains states.Country: USASector: Petroleum/Natural Gas/CoalTarget: UNEV
Pipeline LLCBuyer: Holly Energy Partners LPVendor: HollyFrontier CorporationDeal size in USD: 315mType: DivestmentFinancing: Cash & StockStatus: Agreed
expects mechanical completion of the pipeline in early 2011 with service to begin later in 2011.
- HOLLYFRONTIER CORP'S BOARD NODS TO UNEV
SALE TO HOLLY ENERGY
Required permits for construction of the UNEV
Pipeline are expected to be received by April 2008.