Hess Midstream LP announces accretive $200M repurchase

Hess Midstream announced an accretive $200M repurchase that included both Class B units by its subsidiary, Hess Midstream Operations, from affiliates of Hess Corporation and Global Infrastructure Partners, a part of BlackRock, Hess Midstream’s sponsors and Hess Midstream’s Class A shares from the public. Hess Midstream announced the execution of a definitive agreement providing for the repurchase of approximately $190M of Class B units by its subsidiary, Hess Midstream Operations LP, from the sponsors. The terms of the proposed unit repurchase transaction were unanimously approved by the board of directors of Hess Midstream’s general partner, based on the unanimous approval and recommendation of its conflicts committee composed solely of independent directors. Hess Midstream also announced that it has entered into an accelerated share repurchase agreement with JPMorgan Chase Bank, National Association, to repurchase $10M of Hess Midstream’s publicly traded Class A shares.