Hess Midstream LP signs accretive $100M sponsor unit repurchase

Hess Midstream LP announced the execution of a definitive agreement providing for the repurchase of approximately $100M of Class B units by its subsidiary, Hess Midstream Operations LP, from affiliates of Hess Corporation and Global Infrastructure Partners, Hess Midstream’s sponsors. The terms of the proposed unit repurchase transaction were unanimously approved by the Board of Directors of Hess Midstream’s general partner, based on the unanimous approval and recommendation of its conflicts committee composed solely of independent directors. Hess Midstream Operations LP, Hess Midstream’s consolidated subsidiary, agreed to repurchase 2,724,052 Class B units of Hess Midstream Operations LP, equal to approximately 1.2% of the consolidated company, held by the Sponsors for an aggregate purchase price of approximately $100 million. After completing the unit repurchase transaction, ownership of Hess Midstream on a consolidated basis will be approximately 41.0% for the public, 21.2% for Global Infrastructure Partners and 37.8% for Hess Corporation.