Hess Announces Bakken midstream joint venture valued at $5.35 billionStaff writer ▼ | June 12, 2015
Hess Corporation has agreed to sell a 50 percent interest in its Bakken midstream assets to Global Infrastructure Partners for cash consideration of $2.675 billion.
Selling Hess to sell a 50% interest in its Bakken assets
In addition the joint venture will have independent access to capital including a $400 million 5-year Senior Revolving Credit Facility, which is fully committed. The joint venture upon closing plans to continue to pursue a proposed initial public offering (IPO) of Hess Midstream Partners LP common units. ■