Kinetik (KNTK) has provided an update.
Kinetik Holdings Inc. successfully completed the sale of its 16% stake in Gulf Coast Express Pipeline LLC for $540 million, including $510 million in cash and a potential additional $30 million earn-out. This strategic transaction, concluded on June 4, 2024, allows Kinetik Holdings to adjust its portfolio and potentially expand capacity, reflecting in the unaudited pro forma financial statements to provide stakeholders a view of the post-sale financial landscape.
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