ONEOK To Acquire EnLink Midstream In $4.3 Bln Deal

(RTTNews) - ONEOK Inc. (OKE) agreed to acquire all of the outstanding publicly held common units of EnLink Midstream LLC (ENLC) 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. The exchange ratio was derived by dividing $15.75 per unit, equal to EnLink's market close price on November 22, 2024, by ONEOK's 10-day volume-weighted average price (VWAP).

In the aggregate, ONEOK will issue approximately 37.0 million shares in connection with the proposed transaction, representing approximately 6.0% of the total ONEOK shares outstanding upon consummation of the transaction.

Completion of the transaction is expected to occur in the first quarter of 2025.