ONEOK Completes Acquisition of EnLink Midstream: Merger Details Revealed

On January 31, 2025, ONEOK (NYSE: OKE) finalized its acquisition of EnLink Midstream, LLC, as disclosed in an 8-K filing with the Securities and Exchange Commission. The acquisition involved a two-step merger process. Initially, Elk Merger Sub I, LLC, merged with EnLink, with EnLink surviving the merger. Following this, EnLink merged with Elk Merger Sub II, LLC, a subsidiary of ONEOK, with Merger Sub II emerging as a direct subsidiary of ONEOK.

As a result of the merger, EnLink common unit holders, except those owned by ONEOK, received 0.1412 shares of ONEOK common stock for each EnLink common unit they held. Fractional shares of ONEOK were converted to cash, as outlined in the Merger Agreement. Furthermore, certain EnLink restricted incentive units and performance units were assimilated by ONEOK, becoming time-based restricted stock units tied to ONEOK common stock.

The issuance of the ONEOK common stock was registered under the Securities Act of 1933 via a prior registration statement. Prior to the merger, ONEOK already held around 43.7% of outstanding EnLink Units and all membership interests in the Manager. The acquisition was deemed complete as EnLink unitholders, excluding ONEOK, sanctioned the transaction in a special meeting held on January 30, 2025.

Upon the completion of the merger, ONEOK published a press release on January 31, 2025. Additionally, there was an internal reorganization post-merger, where ONEOK assumed the obligations of the acquired entities under their respective indentures and standing senior notes. The provided information in the filing includes a copy of the Merger Agreement and the press release issued by ONEOK on the completion of the merger.

The full details of the Merger Agreement and all relevant material tied to the merger can be found in the 8-K filing dated January 31, 2025.

This article serves to bring to light the consolidated efforts and strategic implications following the successful merger between ONEOK and EnLink Midstream.

The attached exhibits are available for review on the Securities and Exchange Commission’s website and the respective company websites.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ONEOK’s 8K filing here.

About ONEOK

ONEOK, Inc engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.