ONEOK to Acquire Remaining Stake in EnLink Midstream in $4.3 Billion Deal
MT Newswires Live
Nov 25, 2024
ONEOK (OKE) and EnLink Midstream (ENLC) said Sunday they have agreed to a $4.3 billion all-stock merger of the two energy companies.
Under the deal, each common unit of EnLink that ONEOK does not already own will be converted into 0.1412 ONEOK common shares.
ONEOK, which already owns 44% of EnLink's units, will issue about 37 million shares in connection with the acquisition, about 6% of total ONEOK shares outstanding upon consummation of the deal.
The deal, which is expected to be accretive to shareholders, is set to close in Q1.
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