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Hess Corporation agreed Thursday to sell a 50 percent stake in its Bakken midstream assets to Global Infrastructure Partners for $2.675 billion in cash.

The deal includes a natural gas processing plant in Tioga, North Dakota, a rail loading terminal in Tioga and associated rail cars, crude oil truck and pipeline terminal in Williams County, North Dakota.

It also includes a propane storage cavern and rail and truck transloading facility in Mentor, Minnesota and  rude oil and natural gas gathering systems in North Dakota.

Under the deal, Hess and Global Infrastructure Partners will create a midstream joint venture that will be called  Hess Infrastructure Partners.

Upon closing, the joint venture will incur $600 million of debt through a 5-year Term Loan A facility with proceeds distributed equally to both partners, resulting in total after-tax cash proceeds, net to Hess, of $3.0 billion.

The joint venture will also have independent access to capital including a $400 million 5-year Senior Revolving Credit Facility, that is fully committed.

Upon closing, the joint venture plans to continue pursuing a proposed initial public offering of Hess Midstream Partners LP common units.

Hess will operate the assets owned by the joint venture as a contract service provider.

Employees working at the assets included in the sale will remain Hess employees.

“The joint venture with its strategically located assets will be one of the largest midstream operators in the Bakken,” CEO John Hess said.

The transaction is subject to customary closing conditions and is expected to be completed early in the third quarter of 2015.