The US gas transmission company ONEOK has signed a definitive merger agreement to acquire the remaining shares (over 56%) of EnLink Midstream in a US$4.3bn deal. The transaction is expected to close in the first quarter of 2025, where EnLink’s shares will be converted into 0.1412 shares of ONEOK common stock, with the latter planning to issue approximately 37 million shares. The deal still requires the approval from a majority of EnLink’s outstanding common units and is subject to customary closing conditions.
In October 2024, ONEOK acquired 43% of EnLink’s interests from Global Infrastructure Partners for approximately US$3.3bn. The deal is part of ONEOK’s strategy to strengthen its status as a developer of premier energy infrastructure company, following the sale of its three wholly-owned interstate natural gas pipeline systems (the Guardian Pipeline, the Midwestern Gas Transmission pipeline and the Viking Gas Transmission pipeline) to DT Midstream in a US$1.2bn deal earlier in November 2024, aiming to optimize its assets portfolio.
EnLink provides integrated midstream infrastructure services for natural gas, crude oil, and NGLs, as well as CO2 transportation for carbon capture and sequestration (CCS). ONEOK is a midstream operator of a pipeline network of almost 80,500 km in the US, providing gathering, processing, fractionation, transportation and storage services.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.