HollyFrontiers acquisition of Suncor Energys Petro-Canada lubricants business for CA $1.1 billion (U.S. $845 million), announced Monday, will diversify HollyFrontiers base oil portfolio to include API Group II and III base oils and also make it a prominent player in the finished lubricants market.
Dallas-based HollyFrontier expects to fund the transaction with a combination of debt and cash on hand. Subject to regulatory approval and closing conditions, the transaction is expected to close in the first quarter of 2017.
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