Hess Midstream LP (HESM): M&A transaction — Hess Midstream signs $100M sponsor unit repurchase; 2.7M Class B units cancelled

Hess Midstream LP

Repurchased 2,724,052 Class B units from Hess Corp and Global Infrastructure Partners at $36.71/unit.
Transaction funded with cash on hand, closed June 26, 2024; reduces total unit count by ~1.2%.
Since 2021, Hess Midstream has returned $1.75B to shareholders through unit repurchases, reducing unit count by nearly 25%.
Over $1.25B of financial flexibility remains through 2026 for potential incremental repurchases.
Repurchase accretive to Class A shares, supports distribution growth above 5% annual target.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Hess Midstream LP completed an acquisition involving HINDL and GIP II Blue Holding, L.P. for aggregate purchase price of approximately $100 million (closed 2024-06-26).

Action: acquisition
Counterparty: HINDL and GIP II Blue Holding, L.P.
Consideration: aggregate purchase price of approximately $100 million
Closing: 2024-06-26

Exact text from the filing

B Units”) and (b) GIP 1,699,581 Class B Units (such Class B Units subject to the Repurchase Agreement, the “Repurchased Units”) for an aggregate purchase price of approximately $100 million (the “Repurchase Transaction”). The Repurchase Transaction was consummated on June 26, 2024. The purchase price per Class B Unit was $36.71, the closing price of the Class A

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30 m&a transactions filed in the last 30 days. Browse all m&a transactions →

Hess Midstream LP filing history →

Source: SEC EDGAR

accession 0001193125-24-169065

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