9952110 Canada Inc. entered into agreement to acquire Petro-Canada Lubricants Inc. from Suncor Energy Inc. (TSX:SU) for CAD 1.1 billion in cash on October 29, 2016. The purchase price is subject to subject to customary adjustments at closing. HollyFrontier will continue to operate the lubricants business under the Petro-Canada trademark.

The transaction will be funded with a combination of debt and cash on hand. HollyFrontier is raising $750 million (CAD 1013.72 million) in a senior note offering to partly finance the deal. As of January 13, 2017, the Executive Vice President and Chief Financial Officer of HollyFrontier Corporation (NYSE:HFC), Douglas S. Aron, announced his retirement with February 28, 2017 being his last day.

In addition the Board of Hollyfrontier appointed Richard L. Voliva III as Executive Vice President and Chief Financial Officer of the Company effective March 1, 2017. Post closing, the President of Holly Logistics Services, L.L.C., a wholly owned subsidiary of HollyFrontier and the general partner of Holly Energy will resign in order to serve as President of Petro-Canada. George Damiris, currently Chief Executive Officer of Holly Logistics and Chief Executive Officer and President of HollyFrontier, will assume the role of President of Holly logistics upon Mr. Plake's resignation.

The transaction is subject to expiration of any waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, approval under the Competition Act (Canada) and the Investment Canada Act and the Investment Canada Act and other regulatory and customary closing conditions and expected to close by March 31, 2017. On November 28, 2016, the transaction received early termination notice from FTC. The transaction will be immediately accretive to HollyFrontier earnings per share and cash flow.

9952110 Canada Inc. is subject to termination fee of CAD 60 million to Suncor Energy Inc. Goldman Sachs Canada, Inc. acted as financial advisor and Benjamin Wills, Jim Elder, Neil Hazan, Derek Powers, Kenza Bensaid, Steve Suarez, Richard Eisenbraun, Pam Cross, Subrata Bhattacharjee, Greg McLean, Clifford Hart, Maddie Axelrod, James Fu, Andrew Harrison, Catherine Bray, Brennan Carroll, Andrew Guerrisi, Rick Coburn, Christine Pallotta and Howard Silverman of Morgan, Lewis & Bockius LLP and James Elder of Borden Ladner Gervais LLP acted as legal advisor for 9952110 Canada Inc. Peter Keohane of Blake, Cassels & Graydon LLP acted as legal advisor for Suncor Energy Inc. BofA Merrill Lynch acted as financial advisor for Suncor Energy Inc. The currency conversion was done through 'www.oanda.com' on November 16, 2016. TD Securities (USA) LLC acted as financial advisor to HollyFrontier Corporation.