ONEOK has closed the previously announced $4.3bn deal to take full ownership of Dallas-based pipeline transportation company EnLink Midstream.
The all-stock transaction was announced in November 2024. Its closing followed approval by EnLink Midstream’s unitholders in late January 2025.
ONEOK president and CEO Pierce Norton II said: “The completion of this acquisition further enhances ONEOK’s integrated midstream business and provides exceptional value to all stakeholders, including EnLink unitholders who we now welcome as ONEOK shareholders.
“We welcome EnLink’s employees to the ONEOK team. We look forward to the many benefits this acquisition can provide.”
Prior to this deal, ONEOK had acquired a stake of 43% in EnLink Midstream from Global Infrastructure Partners in August 2024 for a price of around $3.3bn. At that time, ONEOK disclosed its plan to seek the purchase of EnLink Midstream’s publicly traded common units in a tax-free transaction.
In line with the terms of the deal that has just closed, EnLink Midstream unitholders, other than ONEOK, have been issued 0.1412 shares of the latter’s common stock for each outstanding common unit of EnLink Midstream.
The shares of EnLink Midstream will no longer be publicly traded on the New York Stock Exchange (NYSE).
EnLink Midstream’s energy infrastructure solutions include the gathering, transportation, processing, and storage of natural gas, crude oil, and natural gas liquids (NGLs). The company is also engaged in CO₂ transportation for carbon capture.
Its operations are spread across key regions like the Permian Basin, Louisiana, Oklahoma, and North Texas.
In October 2024, ONEOK closed its $2.6bn acquisition of Medallion Midstream, a crude gathering and transportation system in the Midland Basin.
The addition of Medallion Midstream and EnLink Midstream will expand ONEOK’s gas processing capacity by 1.7 billion cubic feet per day and crude gathering capacity by 1.6 million barrels per day in the Permian Basin.
