Tulsa-based ONEOK Finalizes $3.3 Billion Acquisition of EnLink Stake from GIP

Tulsa-based ONEOK has finalized its $3.3 billion acquisition of a controlling interest in EnLink Midstream from Global Infrastructure Partners. The deal expands ONEOK’s asset positions in the Permian Basin, North Texas, and Louisiana, further strengthening its integrated midstream infrastructure.

(P&GJ) — ONEOK Inc. has completed its $3.3 billion acquisition of Global Infrastructure Partners' (GIP) controlling interest in EnLink Midstream, LLC, securing 43% of EnLink’s outstanding common units at $14.90 per unit.

The deal also includes full ownership of the managing member for an additional $300 million.

This acquisition expands ONEOK's asset positions across key production regions, including the Permian Basin, Mid-Continent, North Texas, and Louisiana.

“With this acquisition, ONEOK expands its integrated assets in key basins, including the prolific Permian, and establishes a new strategic position in Louisiana,” said ONEOK President and CEO Pierce H. Norton II. “We’re confident in the enhanced service offerings and value this brings to our stakeholders.”

The deal also gives ONEOK control over EnLink’s managing member, allowing the company to replace GIP’s designated board members. Norton will serve as chairman of EnLink's board of directors, joined by other ONEOK executives.

ONEOK has also expressed its intention to acquire the remaining publicly held EnLink units through a tax-free transaction. The combined assets of ONEOK and EnLink are expected to drive synergies, reduce debt, and offer greater shareholder value, including access to ONEOK’s S&P 500-listed stock with increased liquidity and a strong dividend yield.

With the closing of this transaction, EnLink will be a consolidated subsidiary of ONEOK for financial reporting purposes, and both companies’ stocks will continue trading on the New York Stock Exchange.