(Bloomberg) — US pipeline operator Oneok Inc. will buy the rest of EnLink Midstream LLC for $4.3 billion in common stock, the companies said in a joint statement.
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The move is the latest in a spate of deals in the US oil and gas industry as private equity firms offload assets to corporate buyers. Oneok had said in August it would acquire Global Infrastructure Partners’ entire interest in EnLink and also buy GIP’s equity interests in Medallion Midtstream. The purchases expand its presence in the Permian Basin.
Each outstanding EnLink common unit that Oneok doesn’t already own will be converted into 0.1412 shares of Oneok common stock, according to the statement. Oneok will be issuing about 37 million shares for the transaction, which is expected to be completed in the first quarter of 2025.
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