The Oneok website on a laptop computer arranged in Brooklyn, New York, on Tuesday, May 16, 2023.
Pipeline operator ONEOK said on Sunday it would buy the remaining shares of peer EnLink Midstream , for $4.3 billion in an all-stock deal, boosting its presence in the Permian Basin amid increased consolidation in the U.S. energy sector.
In August, ONEOK acquired a 43% controlling interest in Enlink, which has a solid presence in the Permian basin, from Global Infrastructure Partners for about $3.3 billion in cash.
ONEOK said it will offer 0.1412 shares of its common stock for each EnLink unit.
Earlier in the month, another pipeline operator DT Midstream agreed to acquire three natural gas transmission pipelines from ONEOK for $1.2 billion in cash, to boost its presence in the Midwest market.
Persons:
ONEOK, EnLink
Organizations:
Global Infrastructure Partners
Locations:
Brooklyn , New York, U.S, Enlink, ONEOK, Midwest