intangibles 2014 goodwill and other : testing goodwill for impairment in september 2011 , an accounting standard update was issued that allows entities an option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test .
this standard is effective for annual and interim goodwill impairment testing beginning january 1 , 2012 .
this standard will not have an impact on our financial condition , results of operations and cash flows .
note 2 : merger and acquisitions holly - frontier merger on february 21 , 2011 , we entered into a merger agreement providing for a 201cmerger of equals 201d business combination between us and frontier for purposes of creating a more diversified company having a broader geographic sales footprint , stronger financial position and to create a more efficient corporate overhead structure , while also realizing synergies and promoting accretion to earnings per share .
the legacy frontier business operations consist of crude oil refining and the wholesale marketing of refined petroleum products produced at the el dorado and cheyenne refineries and serve markets in the rocky mountain and plains states regions of the united states .
on july 1 , 2011 , north acquisition , inc. , a direct wholly-owned subsidiary of holly , merged with and into frontier , with frontier surviving as a wholly-owned subsidiary of holly .
concurrent with the merger , we changed our name to hollyfrontier corporation and changed the ticker symbol for our common stock traded on the new york stock exchange to 201chfc . 201d subsequent to the merger and following approval by the post-closing board of directors of hollyfrontier , frontier merged with and into hollyfrontier , with hollyfrontier continuing as the surviving corporation .
in accordance with the merger agreement , we issued 102.8 million shares of hollyfrontier common stock in exchange for outstanding shares of frontier common stock to former frontier stockholders .
each outstanding share of frontier common stock was converted into 0.4811 shares of hollyfrontier common stock with any fractional shares paid in cash .
the aggregate consideration paid in stock in connection with the merger was $ 3.7 billion .
this is based on our july 1 , 2011 market closing price of $ 35.93 and includes a portion of the fair value of the outstanding equity-based awards assumed from frontier that relates to pre-merger services .
the number of shares issued in connection with our merger with frontier and the closing market price of our common stock at july 1 , 2011 have been adjusted to reflect the two-for-one stock split on august 31 , 2011 .
the merger has been accounted for using the acquisition method of accounting with holly being considered the acquirer of frontier for accounting purposes .
therefore , the purchase price was allocated to the fair value of the acquired assets and assumed liabilities at the acquisition date , with the excess purchase price being recorded as goodwill .
the goodwill resulting from the merger is primarily due to the favorable location of the acquired refining facilities and the expected synergies to be gained from our combined business operations .
goodwill related to this merger is not deductible for income tax purposes .
the following table summarizes our fair value estimates of the frontier assets and liabilities recognized upon our merger on july 1 , 2011: .

( in millions )
cash and cash equivalents
$ 872.7
accounts receivable
737.9
inventories
657.4
properties plants and equipment
1054.3
goodwill
2254.0
income taxes receivable
37.8
other assets
32.8
accounts payable
-1076.7 ( 1076.7 )
accrued liabilities
-40.7 ( 40.7 )
long-term debt
-370.6 ( 370.6 )
other long-term liabilities
-96.1 ( 96.1 )
deferred income taxes
-357.6 ( 357.6 )
net tangible and intangible assets acquired and liabilities assumed
$ 3705.2

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Question: what was the quick ratio in july 2011 based on frontier assets and liabilities
Answer: 1.44