ONEOK, Inc. (OKE, Financial), a leading energy company, has announced the successful completion of its acquisition of a significant stake in EnLink Midstream, LLC. The transaction, finalized on October 15, 2024, involved the purchase of 200,340,753 common units, representing approximately 43.4% of the outstanding EnLink Units. Additionally, ONEOK acquired all outstanding limited liability company interests in EnLink Midstream Manager, LLC.
The total consideration for this strategic acquisition amounted to approximately $3.285 billion in cash. This move is expected to enhance ONEOK's market position and expand its operational capabilities within the midstream energy sector.
The acquisition was executed under the Purchase Agreement dated August 28, 2024, involving parties such as GIP III Stetson I, L.P., GIP III Stetson II, L.P., and EnLink Midstream Manager, LLC. This transaction marks a significant milestone for ONEOK as it continues to pursue growth opportunities and strengthen its portfolio.
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