ONEOK strikes $4.3-billion stock deal for remaining common units of EnLink Midstream

ONEOK Inc., Tulsa, Okla., and EnLink Midstream LLC, Dallas, Tex., executed a definitive merger agreement under which ONEOK will acquire all of the outstanding publicly held common units of EnLink for $4.3 billion in ONEOK common stock. 

Under the agreement, each outstanding common unit of EnLink that ONEOK does not already own will be converted into 0.1412 shares of ONEOK common stock, ONEOK said in a release Nov. 24.

In August of this year, ONEOK agreed to acquire controlling interest in EnLink Midstream LLC from Global Infrastructure Partners for $3.3 billion (OGJ Online, Aug. 29, 2024). That deal closed on Oct. 15, 2024. 

Subject to the satisfaction of customary closing conditions, completion of the most recent acquisition is expected to occur in first-quarter 2025. Completion is subject to the approval of a majority of the outstanding EnLink common units (including common units owned by ONEOK) and other customary closing conditions. No ONEOK shareholder vote is required to complete the transaction and no further regulatory approval is necessary, the company said. 

With the deal, ONEOK adds to its integrated midstream infrastructure services for natural gas, crude oil, and NGLs, as well as CO2 transportation for carbon capture and sequestration (CCS).