Deal Description: Hess Midstream LP (NYSE: HESM) today announced the execution of a definitive agreement providing for the approximately $100 million repurchase of Class B units 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 $35.42, the closing price of the Class A shares on September 9, 2024. As a result of the unit repurchase transaction, public ownership of HESM on a consolidated basis will be approximately 41.5%. The unit repurchase is anticipated to close on September 11, 2024. HESM expects to fund the unit repurchase with 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 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 (Senior Associate; Houston)

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