logo
Plus   Neg
Share
Email

Hess Corp. To Receive Cash, HESM Equity On Sale Of Hess Infrastructure Partners

Hess Midstream Partners LP (HESM) said it will acquire all of Hess Corp.'s and Global Infrastructure Partners' ownership interests in Hess Infrastructure Partners LP. Hess Corp. (HES) will receive approximately $275 million in cash and approximately 115 million newly issued units in Hess Midstream Partners LP as part of the proposed deal.

Under the terms of the deal, Hess Midstream Partners LP's organizational structure will convert into an Up-C structure in which HESM's public unitholders will receive newly issued securities in a new public entity to be named, Hess Midstream LP.

Upon completion of the deal, Hess Corp. will own approximately 134 million Hess Midstream Partners LP units, or 47 percent of Hess Midstream LP on a consolidated basis, valued at approximately $2.6 billion.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Workplace technology company Xerox Holdings Corp. (XRX) reported Tuesday that net income for the third quarter declined to $90 million or $0.41 per share from $221 million or $0.68 per share in the year-ago quarter. Excluding items, adjusted earnings for the quarter were $0.48 per share, compared... While reporting financial results for the third quarter on Tuesday, Pfizer Inc. (PFE) tightened its full-year 2020 guidance range for adjusted earnings and revenues. However, the company reaffirmed all 2020 financial guidance components for New Pfizer and Upjohn. For fiscal 2019, the company now projects... Eli Lilly and Company (LLY) said it delivered solid financial results in the third quarter, as the company's key growth products continued to be the catalyst for volume-based revenue growth. On a non-GAAP basis, earnings per share increased 4 percent. Revenue rose 5 percent driven by volume growth of...
RELATED NEWS
Follow RTT