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Holly Refining & Marketing - Mid-Con, L.L.C. (formerly Holly Refining & Marketing Company), engaged in the processing and refining of oil, has entered into a definitive agreement to acquire the Tulsa refinery and associated businesses from Sunoco Inc., a manufacturer of petroleum and petrochemical products, for $65 million. Both the companies are based in the U.S.
The transaction would also include inventory which will be valued at market prices at closing. Holly will also receive as part of the acquisition an assignment of the Sunoco specialty lubricant product trademarks in North America and a license to use the same in Central and South America.
Holly Refining would fund the transaction from cash on hand, cash generated from operations, and from the company's recently expanded $300 million revolving credit facility. The transaction is expected to complete by June 1.