Hess Midstream Partners to acquire Hess Infrastructure Partners for $6.2bn.

Hess Midstream Partners agreed to acquire Hess Infrastructure Partners, a crude oil and natural gas exploration and production company, for $6.2bn. The acquisition includes HIP’s 80% interest in HESM’s oil and gas midstream assets, HIP’s water services business and outstanding economic general partner interest and incentive distribution rights in HESM. “This accretive transaction provides a more attractive long term growth platform for our portfolio. We can continue to generate strong free cash flow growth and fund our capital program and consistent 15% distribution per unit growth at an increased coverage level with conservative leverage and no need for equity funding to meet our targeted growth,” Jonathan Stein, HESM CFO.