The latest update is out from Hess Midstream Partners (HESM).
Hess Midstream LP completed a $100 million repurchase transaction, acquiring over 2.7 million Class B units from its sponsors at $36.71 each, matching the closing price of its Class A shares. The deal, finalized on June 26, 2024, was funded with cash reserves, leading to the cancellation of an equivalent amount of Class B shares. This strategic move, approved by an independent board committee and advisors, simplifies the ownership structure, with the sponsors retaining significant interest in the company.
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