ONEOK, Inc. and EnLink Midstream, LLC announced on November 24, 2024, a definitive merger agreement for ONEOK to acquire all outstanding publicly held common units of EnLink. The transaction is valued at $4.3 billion in ONEOK common stock.
Under the terms of the agreement, each outstanding common unit of EnLink not already owned by ONEOK will be converted into 0.1412 shares of ONEOK common stock. This exchange ratio was based on EnLink's closing price of $15.75 per unit on November 22, 2024, and ONEOK's 10-day volume-weighted average price.
ONEOK will issue approximately 37.0 million shares, representing about 6.0% of its total shares outstanding upon consummation. The transaction is expected to be tax-free for EnLink unitholders and is anticipated to close in the first quarter of 2025, subject to EnLink unitholder approval. No ONEOK shareholder vote or further regulatory approval is required.
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