The deal expands ONEOK’s assets in the Permian Basin to strengthens its NGL position and was one of the largest midstream M&A deals of 2024. (Source: Shutterstock/ ONEOK Inc.)
ONEOK Inc. completed its takeover of EnLink Midstream on Jan. 31 following approval from EnLink unitholders of the transaction on Jan. 30 at a special meeting.
ONEOK had agreed to acquire the remaining stake in EnLink in November 2024 for $4.3 billion after having closed on a $3.3 billion deal for Global Infrastructure Partners’ controlling interest a month prior.
The deal expands ONEOK’s assets in the Permian Basin to strengthens its NGL position and was one of the largest midstream M&A deals of 2024.
EnLink unitholders, other than ONEOK, received approximately 0.14 shares of ONEOK common stock for each outstanding EnLink common unit.
EnLink common units will no longer be publicly traded on the New York Stock Exchange.
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