08:57 AM EDT, 09/10/2024 (MT Newswires) -- Hess Midstream ( HESM ) said Tuesday it signed an agreement for its subsidiary Hess Midstream Operations to repurchase about $100 million of Class B units from its sponsors.

The sponsors are affiliates of Hess Corporation and Global Infrastructure Partners.

Hess Midstream Operations agreed to repurchase 2.8 million Class B units for $35.42 apiece, Hess said.

The transaction, which is expected to close on Wednesday, would increase the distributable cash flow per Class A share, Hess said.

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