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.
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