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Baker Botts Represents Financial Advisor to the Conflicts Committee of Hess Midstream Partners LP in $100 million Sponsor Unit Repurchase

Release

Deal Description: Hess Midstream Partners LP (NYSE: HESM) today announced the execution of a definitive agreement providing for the approximately $100 million repurchase of Class B units of HESM by its subsidiary, Hess Midstream Operations LP, from affiliates of Hess Corporation and Global Infrastructure Partners, HESM’s sponsors.

The purchase price per Class B unit is $27.63, the closing price of the Class A shares on March 27, 2023. As a result of the unit repurchase transaction, public ownership of HESM on a consolidated basis will increase to approximately 18.3%. The unit repurchase is anticipated to close in March 2023. HESM expects to fund the unit repurchase through debt financing, which may include borrowings under its existing revolving credit facility.

The terms of the proposed unit repurchase transaction were unanimously approved by the Board of Directors of HESM’s general partner, based on the unanimous approval and recommendation of its conflicts committee composed solely of independent directors.

For more information, please see HESM’s press release by clicking here.

Counsel to Intrepid Partners, LLC, Financial Advisor to the Conflicts Committee: Baker Botts L.L.P.

Value: $100 million

Baker Botts Lawyers/Office Involved:

  • Corporate: Josh Davidson (Partner; Houston); Catherine Baker Ellis (Associate; Houston)

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