Hess Midstream Partners LP completed its $6.2 billion acquisition of Hess Corp. and Global Infrastructure Partners ownership interests in Hess Infrastructure Partners LP, according to a Dec. 16 press release.
The deal includes the 80% stake of Hess Infrastructure Partners in Hess Midstream Partners' oil and gas midstream assets, Hess Infrastructure Partners' water service business and outstanding economic general partner interest and incentive distribution rights in Hess Midstream Partners.
Hess and Global Infrastructure Partners will each hold 47% of Hess Midstream LP following the conversion of their limited partner interests in Hess Midstream Partners LP. Hess Midstream Partners LP changed its name to Hess Midstream Operations LP as part of the transaction, and Hess Midstream Partners LP common units will no longer trade on the New York Stock Exchange after the Dec. 16 market close.
"Hess Midstream has successfully transitioned from a small-cap MLP to a midstream company with an enterprise value of approximately $8 billion," Hess Midstream CFO Jonathan Stein said in a statement. "A more diversified investor base can now participate in our differentiated business model of strong expected EBITDA and distribution growth and free cash flow generation, all underpinned by our best-in-class contract structure and conservative balance sheet."