Form 8-K · Current Report · Filed 2024-11-25
ONEOK Announces Agreement to Acquire Remaining Publicly Held Common Units in EnLink Midstream in a Tax-Free Transaction
On November 24, 2024, ONEOK, Inc. announced that it has entered into a definitive merger agreement to acquire all outstanding publicly held common units of EnLink Midstream, LLC for approximately $4.3 billion in ONEOK common stock. The transaction, which is expected to close in the first quarter of 2025, is subject to the approval of a majority of EnLink common units and other customary closing conditions. ONEOK has committed to vote its units, representing approximately 44% of the outstanding EnLink common units, in favor of the transaction. The transaction is expected to be accretive to ONEOK shareholders and provide EnLink unitholders with greater trading liquidity and an attractive dividend yield.
- Filer
- Oneok Inc. OKE · NYSE
- Filed
- Accession
- 0001213900-24-102220
- CIK
- 0001039684
- Signal
- High impactEnergy
- Source
- Official filing on sec.gov ↗
Items reported
Entry into a Material Definitive Agreement
Regulation FD Disclosure
Financial Statements and Exhibits
Market reaction
Close before filing
$117.05
Next session
-3.1%
Since filing
-22.4%
Latest close
$90.81
What happened, not what will happen — closing prices around the filing date.
Precedent
Previous filings from OKE reporting the same item, with the next session's move:
Exhibits (4)
About Oneok Inc.
Oneok Inc., a prominent energy company, plays a crucial role in the United States' natural gas and natural gas liquids (NGL) industries. As an integral midstream service provider, Oneok focuses on gathering, processing, transportation, and storage of natural gas, as well as the fractionation and distribution of NGL products. Its operations span extensive and strategically positioned infrastructure, particularly in prolific production areas like the Rocky Mountains, Mid-Continent, and Permian Basin regions. These operations allow Oneok to efficiently manage the supply chain of hydrocarbons from the extraction points to end-users, ensuring a reliable energy supply. The company's comprehensive service offerings cater to a diverse clientele, including utilities, refiners, and chemical companies. Established in 1906, Oneok has significantly contributed to the energy landscape by enhancing the value chain of natural gas and fostering the transition towards cleaner energy sources. The company's dedication to safety, operational excellence, and sustainability underscores its commitment to the evolving energy market.
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