ONEOK said it completed the acquisition of 200,340,753 common units of EnLink Midstream, LLC, or about 43.4% of the units outstanding, and all of the managing member interest, for a total cash consideration of approximately $3.285 billion on October 15, 2024.

1. 01

   ONEOK said it completed the acquisition of 200,340,753 common units of EnLink Midstream, LLC, or about 43.4% of the units outstanding, and all of the managing member interest, for a total cash consideration of approximately $3.285 billion on October 15, 2024.

2. 02

   The company said the deal was structured to acquire 43% of EnLink's outstanding common units at $14.90 per unit and 100% of the managing member interest for $300 million.

3. 03

   ONEOK said that with the closing it controls EnLink's managing member, and the board members designated by GIP will be replaced by directors chosen by ONEOK. Pierce H. Norton II will serve as chairman of the EnLink Midstream board. The company also said EnLink will be a consolidated subsidiary of ONEOK for GAAP financial reporting purposes.

4. 04

   ONEOK said it intends to pursue the acquisition of EnLink's publicly held common units in a tax-free transaction after closing the GIP interest acquisition. The company said the combined ONEOK and EnLink asset bases are expected to enhance synergies, reduce leverage and increase accretion to ONEOK shareholders.

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Original filing

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