The Sinclair Oil Corp. plans to sell the majority of its assets to energy company HollyFrontier Corp. for $2.6 billion, Reuters reported earlier this month.

The sale includes oil-refining, pipeline and storage facilities in the Rocky Mountain region.

The deal includes the establishment of a new company, HF Sinclair Corp., and an issuance of 60.2 million shares of that stock to Sinclair Oil’s parent company, Reuters reported. The sale is expected to close in mid-2022, Reuters reported.

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