“GIP is pleased to be able to make a new investment in CHKM. We believe in the best in class business model, the strategic asset base and the outstanding management team,” said Matthew Harris, a partner in Global Infrastructure. “CHKM has demonstrated industry leading performance since our initial investment and the business is a strong fit for our portfolio.
“We think the new ownership structure provides a stable platform for executing on the vast growth opportunities in the business.”
Chesapeake Midstream CEO Mike Stice said the deal is good for the partnership and its shareholders.
“We have the same great assets, the same best-in-class contractual structure, financial strategy and management team,” Stice said in a conference call Friday. “We believe this is a transformational ownership platform that provides both stability and growth potential.”
Chesapeake Midstream's stock rose $1.11 on Friday, closing at $26.18 a unit.