Hess Midstream LP Announces Execution Of A Definitive Agreement Providing For The Repurchase Of ~$100M Of Class B Units By Its Subsidiary, Hess Midstream Operations LP, From Affiliates Of Hess Corporation And Global Infrastructure Partners
Portfolio Pulse from Benzinga Newsdesk
Hess Midstream LP (NYSE:HESM) has announced a definitive agreement for its subsidiary, Hess Midstream Operations LP, to repurchase approximately $100 million of Class B units from affiliates of Hess Corporation and Global Infrastructure Partners. The transaction was unanimously approved by the Board of Directors and the conflicts committee.
June 25, 2024 | 12:08 pm
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Hess Midstream LP (NYSE:HESM) has announced a $100 million repurchase of Class B units from affiliates of Hess Corporation and Global Infrastructure Partners. This move, approved unanimously by the Board of Directors, is likely to positively impact the stock price in the short term.
The repurchase of $100 million worth of Class B units is a significant equity action that reduces the number of outstanding shares, potentially increasing the value of remaining shares. The unanimous approval by the Board of Directors and the conflicts committee adds credibility to the transaction, making it likely to positively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100