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
Crate and Barrel recalled about 2,440 units of Parke Twin and Full Beds for potential fall hazard, a statement by the U.S. Consumer Product Safety Commission showed. The company said the headboard on the recalled beds can separate from the side rails to pose a fall hazard. The recall involves six models of Crate and Barrel Parke model twin and full platform beds with a wood headboard and frame. Back-to-school and college spending is projected to exceed the $100 billion mark for the first time ever ever despite the coronavirus pandemic, according to an annual survey by the National Retail Federation or NRF. The survey released by NRF and Prosper Insights & Analytics projects total spending for K-12 and college combined to reach $101.6 billion in 2020, up from last year's $80.7 billion. U.S. laboratory equipment maker Thermo Fisher Scientific Inc. (TMO) and Netherlands-based Qiagen N.V. (QGEN) announced Thursday that they have entered into an amendment to their acquisition agreement under which Thermo Fisher has commenced a tender offer to acquire all of the ordinary shares of Qiagen. The...
RELATED NEWS
Follow RTT