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The latest announcement is out from Kinetik (KNTK).
Kinetik Holdings Inc. has announced a major move in the energy sector with its $765 million acquisition of Durango Permian, LLC from Morgan Stanley Energy Partners, set to close in Q2 2024. This strategic purchase includes cash, stock, and future equity considerations, with additional incentives tied to the success of a new gas processing project. Simultaneously, Kinetik has agreed to sell a 16% interest in Gulf Coast Express Pipeline LLC for $540 million to ArcLight Capital Partners, further reshaping its investment portfolio. Both deals are subject to customary conditions and regulatory approvals, marking an active period for the company in the energy infrastructure space.
Learn more about KNTK stock on TipRanks’ Stock Analysis page.
