Hess Midstream (HESM) said Monday that Global Infrastructure Partners, part of BlackRock (BLK), has fully sold its stake in the company through a public offering completed last week.
The company said its consolidated ownership is now 62.2% held by the public and 37.8% held by Hess (HES).
Following the sale, Hess Midstream said Global Infrastructure Partners' three board members have resigned and the board now includes four Hess executives and three independent directors, with one more independent seat to be added.
Key decisions like financial moves or deals with Hess now require approval from at least one Hess director and one independent director, the company said, adding that there are no changes to its commercial agreements with Hess.
Shares of the company were up 3.3% in recent premarket activity Monday.
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