Hess Midstream Simplifies Structure with $100M Share Repurchase

The latest update is out from Hess Midstream Partners (HESM).

Hess Midstream LP completed a $100 million repurchase transaction, acquiring over 2.7 million Class B units from its sponsors at $36.71 each, matching the closing price of its Class A shares. The deal, finalized on June 26, 2024, was funded with cash reserves, leading to the cancellation of an equivalent amount of Class B shares. This strategic move, approved by an independent board committee and advisors, simplifies the ownership structure, with the sponsors retaining significant interest in the company.

See more data about HESM stock on TipRanks’ Stock Analysis page.