ONEOK Bolsters Portfolio With EnLink Acquisition, $4.3 Billion Deal Unveiled

Benzinga11-25 19:41

EnLink Midstream, LLC (NYSE:ENLC) shares traded higher premarket on Monday after it disclosed a merger deal with ONEOK, Inc. (NYSE:OKE) for $4.3 billion. As per the deal, each EnLink common unit not ...

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Norton II, ONEOK president and chief executive officer, said, “This tax-free transaction to acquire the remaining outstanding EnLink units is expected to be accretive to ONEOK shareho","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","BK4144":"石油与天然气的储存和运输","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","BK4585":"ETF&股票定投概念","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","OKE":"欧尼克（万欧卡）","BK4588":"碎股","ENLC":"EnLink Midstream, LLC"},"translate_title":"ONEOK通过收购EnLink增强投资组合，43亿美元交易公布","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ENLC":1,"OKE":0.9},"content_text":"EnLink Midstream, LLC (NYSE:ENLC) shares traded higher premarket on Monday after it disclosed a merger deal with ONEOK, Inc. (NYSE:OKE) for $4.3 billion.\nAs per the deal, each EnLink common unit not owned by ONEOK will be exchanged for 0.1412 shares of ONEOK stock.\nThis exchange ratio reflects EnLink’s closing price of $15.75 on November 22, 2024, divided by ONEOK’s 10-day volume-weighted average price (VWAP).\nONEOK will issue approximately 37 million shares, representing about 6% of its total shares outstanding after the transaction.\nONEOK, which holds approximately 44% of EnLink’s common units, has committed to voting in favor of the transaction.\nThe transaction, subject to customary closing conditions, is expected to close in the first quarter of 2025.\nThe merger’s completion requires approval from a majority of EnLink’s outstanding common units, including those owned by ONEOK, and satisfaction of other customary closing conditions.\nPierce H. Norton II, ONEOK president and chief executive officer, said, “This tax-free transaction to acquire the remaining outstanding EnLink units is expected to be accretive to ONEOK shareholders and provide EnLink unitholders with significantly greater trading liquidity and an attractive dividend yield.”  \nIn October 15, 2024, ONEOK disclosed the successful completion of its acquisition of Global Infrastructure Partners’ (GIP) entire interest in EnLink for a total cash consideration of approximately $3.3 billion.\nInvestors can gain exposure to the OKE stock via Global X MLP & Energy Infrastructure ETF (NYSE:MLPX) and Tortoise North American Pipeline ETF (NYSE:TPYP).\nPrice Action: ENLC shares are up 1.27% at $15.95 premarket at the last check Monday.\nPhoto via Shutterstock\nRead Next:\n\n7 US Natural Gas Stocks To Watch As Henry Hub Prices Surge 50% In November\n\nUp Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.\nGet the latest stock analysis from Benzinga?\n\nONEOK (OKE): Free Stock Analysis Report\nENLINK MIDSTREAM (ENLC): Free Stock Analysis Report\n\nThis article ONEOK Bolsters Portfolio With EnLink Acquisition, $4.3 Billion Deal Unveiled originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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