ONEOK Inc. (OKE) has announced its agreement to acquire Global Infrastructure Partners’ entire interest in EnLink Midstream LLC (ENLC). This acquisition encompasses 43% of EnLink’s outstanding common units at $14.90 per unit, and the totality of the interests in the managing member for $300 million, amounting to an aggregate cash consideration of approximately $3.3 billion.Additionally, ONEOK will purchase all equity interests in Medallion Midstream, LLC from Global Infrastructure Partners (GIP) for $2.6 billion in cash. Medallion Midstream is recognized as the largest privately held crude gathering and transportation system in the Midland Basin of the Permian.ONEOK anticipates that these acquisitions will immediately enhance its earnings per share and free cash flow per share, further strengthening its capital allocation strategy. This enhanced financial position will also support ONEOK’s ability to execute its previously authorized $2 billion share repurchase program.The transactions are slated to close early in the fourth quarter of 2024. Following the completion of the EnLink transaction, ONEOK will gain control over EnLink’s managing member and plans to appoint new board members to replace those currently designated by GIP.ONEOK will continue to maintain its headquarters in Tulsa, Oklahoma, while also retaining a significant employee presence in the Dallas and Houston metro areas.The material has been provided by InstaForex Company – www.instaforex.com
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