In a significant transaction, Apache Midstream LLC, a wholly owned subsidiary of Apache Corporation (NASDAQ:APA), has sold its entire stake in Kinetik Holdings Inc. (NASDAQ:KNTK). The sale, which occurred on March 18, 2024, involved 13,079,871 shares of Class A Common Stock at a price of $33.75 per share, resulting in a total transaction value of approximately $441 million.
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This move has reduced Apache Midstream’s ownership in Kinetik Holdings to zero, as indicated by the post-transaction ownership details. The shares were reported as being indirectly owned by Apache Midstream LLC through its parent company, Apache Corporation.
The transaction was officially signed off by Ben C. Rodgers, an authorized officer of each reporting owner, and was disclosed in a recent filing with the Securities and Exchange Commission.
Investors and market watchers often pay close attention to such large-scale dispositions by major stakeholders, as they can sometimes indicate strategic shifts or changes in a company’s financial outlook. However, without further commentary from the involved parties, the motivations behind the sale remain open to interpretation.
Kinetik Holdings Inc., which operates in the natural gas transmission sector, has not yet made a public statement regarding the transaction. The company, formerly known as Altus Midstream Co and Kayne Anderson Acquisition Corp, has its headquarters in Houston, Texas, the same city where Apache Midstream and its parent company are based.
The sale represents a notable adjustment in the relationship between Apache Midstream LLC and Kinetik Holdings Inc., and it may have implications for the market’s perception of Kinetik Holdings’ future performance and strategic direction.
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