The acquisition is expected be valued at $525m, plus working capital currently estimated at about $100m.
The transaction will be funded by CVR Energy with cash and about $250m of additional debt financing to be put in place prior to closing.
The Wynnewood refinery has a crude throughput capacity of 70,000bpd and a complexity rating of 9.3.
Following the close of the transaction, which is expected by year end, subject to regulatory approvals, CVR Energy will have nearly 185,000bpd of processing capacity at two locations in the Group III, PADD 2 region.
CVR Energy CEO Jack Lipinski said the acquisition of these high-quality and recently upgraded refinery assets is compelling for the company in strategic, financial and operational terms, and will create shareholder value both in the near term and for years to come.
