HollyFrontier Corporation has announced it has entered into a definitive agreement to acquire Suncor Energy’s Petro-Canada Lubricants business for CAD $1.125 billion (or approximately $845 million based on the exchange rate at time of signing), including working capital with an estimated value of CAD $342 million (or approximately $257 million based on the exchange rate at the time of signing). HollyFrontier expects to fund the transaction with a combination of debt and cash on hand, and anticipates the acquisition will be immediately accretive to the Company’s earnings per share and cash flow.
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