TULSA, Okla. (OBV) – Oklahoma energy company ONEOK completed its strategic acquisition of EnLink Midstream, LLC (EnLink).
“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,” said Pierce Norton II, ONEOK president and chief executive officer.
EnLink unitholders approved the transaction during a special meeting on Thursday.
“We welcome EnLink’s employees to the ONEOK team,” Norton said. “We look forward to the many benefits this acquisition can provide.”
ONEOK is a Tulsa-based Fortune 500 company. Its natural gas liquids (NGL) system connects NGL supply in the Rocky Mountain, Permian and Mid-Continent regions with key market centers. It also owns a wide network of gathering, processing, fractionation, transportation and storage assets.
EnLink Midstream is headquartered in Dallas, Texas, and provides integrated midstream infrastructure services for natural gas, crude oil, and NGLs, as well as CO2 transportation for carbon capture and sequestration (CCS). Its large-scale, cash-flow-generating asset platforms are located in the Permian Basin, Louisiana, Oklahoma, and North Texas.
All EnLink unitholders, except for ONEOK, received 0.1412 shares of ONEOK common stock for each outstanding EnLink common unit. Public trading for EnLink common units on the New York Stock Exchange will cease.
