Oneok Inc. has announced its plan to acquire the remaining common units of EnLink Midstream LLC that it does not already own for $4.3 billion in stock.
This acquisition will see EnLink shares converted into 0.1412 shares of Oneok common stock. Currently, Oneok holds a 44% stake in EnLink and will issue approximately 37 million shares to complete the transaction.
The deal is expected to finalize in the first quarter of 2025, further consolidating Oneok's position in the midstream sector. This strategic move highlights Oneok's commitment to expanding its operations and enhancing its portfolio within the energy infrastructure market.