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Announced

Completed

Hess Midstream Partners completed the acquisition of Tioga Gathering System from Summit Midstream for $67m.

Financials

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Transaction Value£51m
Consideration TypeCash, Contingent Deferred Consideration
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Infrastructure

United States

Integrated Oil and Gas

Private

Single Bidder

midstream assets

Acquisition

Friendly

Majority

Completed

Private Equity

Synopsis

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Hess Midstream Partners, a midstream company, completed the acquisition of Tioga Gathering System from Summit Midstream, which operates midstream energy infrastructure assets, for $67m. "We are excited to extend our infrastructure footprint with the agreement to purchase the Tioga System’s crude oil and gas gathering assets. This bolt-on acquisition leverages our leading contract structure to create value through a competitive acquisition multiple over time for the investment and provides opportunity to expand our midstream services offering," John Gatling, Hess Chief Operating Officer.

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