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The deal will give the US fund full ownership of CHKM's general partner interests and 69% of the pipeline network operator's limited partner units.
Also on Friday, CHKM sealed a letter agreement to purchase certain Mid-Continent gathering and processing assets from Chesapeake.
In the offering, which closes on or about 3 August 2010, the public will own around 15.1% of CHKM's outstanding equity, or 17.3% if the underwriters fully exercise their option, and Chesapeake Energy Corporation (NYSE:CHK) and Global Infrastructure Partners will jointly own and control the general partner of CHKM with each owning a 41.45% limited partner interest in the company.
Any issue of common units under the underwriters' option will correspondingly reduce Global Infrastructure Partners' ownership in CHKM and such proceeds will be distributed to Global Infrastructure Partners.
Chesapeake Midstream Partners LP (CHKM) stated on Wednesday that the company has commenced an initial public offering of 21,250,000 common units, representing limited partner interests.
CHKM is currently owned by a 50/50 joint venture between Chesapeake Energy Corp (NYSE:CHK) and Global Infrastructure Partners.