Altus Midstream Shareholders Approve Combination With BCP Raptor Holdco
Altus Midstream Company has announced a business combination with BCP Raptor Holdco, LP, with over 99% of shareholders voting in favor. The merger, expected to close around February 22, 2022, will result in the combined entity being named Kinetik and trading under the new ticker KNTK. Following the merger, Altus will issue 50 million Class C common shares, leading to BCP’s unitholders owning approximately 75% of the new company. Current public shareholders will retain about 5% ownership.
- Shareholder approval exceeded 99%, indicating strong support for the merger.
- Post-merger, a new company name, Kinetik, aligns with growth and sustainability goals.
- Existing Altus public shareholders' ownership will decrease to 5% post-merger.
- Apache Midstream's ownership will drop to about 20%, reflecting dilution of influence.
Newly Combined Company to be renamed Kinetik at Closing with the New Ticker Symbol “KNTK”
HOUSTON, Feb. 10, 2022 (GLOBE NEWSWIRE) -- Altus Midstream Company (Nasdaq: ALTM) today announced that its shareholders voted in favor of the previously announced business combination with BCP Raptor Holdco, LP (“BCP”), the parent company of the EagleClaw Midstream business. The all-stock business combination is expected to close on or around Feb. 22, 2022 (“Closing”).
New Company Name
Altus also announced the combined company will operate as Kinetik after Closing. “The name reflects the nature of the industry where we operate, and the combined company’s ambition to keep its customers, assets, people and sector in motion toward a lower carbon future,” said Jamie Welch, who will become CEO of Kinetik.
Shareholder Vote
At the special meeting of Altus shareholders held earlier today, more than
The final vote results for the special meeting will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.
Share Issuance
In accordance with the previously announced all-stock business combination, Altus will issue 50 million Class C common shares (and its subsidiary, Altus Midstream LP, will issue corresponding common units) to BCP’s unitholders, principally funds associated with Blackstone and I Squared Capital, resulting in combined ownership of approximately
Listing on Nasdaq
Altus’ Class A common stock will continue to trade on the Nasdaq Global Market under the current ticker symbol of “ALTM” until Closing. Thereafter, the Class A common stock of the renamed company, Kinetik, is expected to commence trading on Nasdaq under the ticker symbol “KNTK”.
About Altus Midstream Company
Altus Midstream Company is a pure-play, Permian-to-Gulf Coast midstream C-corporation. Through its consolidated subsidiaries, Altus owns gas gathering, processing and transmission assets servicing production in the Delaware Basin and owns equity interests in four Permian-to-Gulf Coast pipelines. Altus posts announcements, operational updates, investor information and press releases on its website, www.altusmidstream.com.
Forward-looking statements
This news release includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about the company’s and BCP’s ability to effect and the timing of the transactions discussed in this news release; the expected benefits of the transactions; and future plans, expectations, and objectives for the combined company’s operations after completion of the business combination, including statements about strategy, synergies, and future operations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in Altus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and in Altus’ Quarterly Reports on Form 10-Q, filed with the SEC for a discussion of risk factors that affect our business, as well as “Risk Factors” in Altus’ definitive proxy statement filed with the SEC on January 12, 2022 for a discussion of risk factors related to the planned transactions between Altus and BCP and BCP’s business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.
| Contacts | ||||
| Altus Media: | (713) 296-7276 | Alexandra Franceschi | ||
| Altus Investors: | (281) 302-2286 | Patrick Cassidy | ||
| Websites: www.altusmidstream.com | ||||
FAQ
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