Oneok to Acquire EnLink Midstream in $4.3B Stock Deal

Dow Jones11-25 19:18

By Denny Jacob

Oneok shares will be used to acquire all of the outstanding publicly held units of EnLink Midstream for $4.3 billion.

Each outstanding common unit of EnLink that Oneok doesn't 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 Nov. 22, the companies said.

Oneok will issue about 37 million shares in connection with the proposal deal, representing about 6% of the total Oneok shares outstanding upon consummation of the transaction.

The deal is expected to close in the first quarter of 2025.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

November 25, 2024 06:18 ET (11:18 GMT)

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