#United States #Acquisition #Tulsa #ONEOK #EnLink

EnLink Unitholders Approve ONEOK's Acquisition of Remaining Public Units

In a significant move for the energy sector, ONEOK, Inc. (NYSE: OKE) has announced that EnLink Midstream, LLC (NYSE: ENLC) unitholders have overwhelmingly approved its acquisition of the remaining publicly held common units. The decision came during the EnLink Special Meeting of Unitholders, where nearly 99.8% of the units voted in favor, translating to approximately 379.1 million units backing the acquisition. This resolution represents a decisive endorsement from 82.9% of the total outstanding units.

Scheduled to finalize by January 31, 2025, the acquisition will lead to the cessation of trading of EnLink common units on the New York Stock Exchange as of the same date. Once the transaction is completed, each common unit not owned by ONEOK will transition into 0.1412 shares of ONEOK common stock. This strategic acquisition is set to elevate ONEOK's operational structure and overall market presence.

The acquisition process began several months ago, with ONEOK and EnLink announcing their collaborative intention to consolidate EnLink's assets, further enhancing their operational efficiency in the midstream sector. This merger is expected to yield cost savings, synergies, and growth opportunities that align with ONEOK's overarching development goals.

Financial Implications

ONEOK, renowned as a leading pipeline and energy service provider, operates over 50,000 miles of pipelines across North America. It specializes in the transportation and storage of natural gas, natural gas liquids (NGLs), refined products, and crude oil. The acquisition of EnLink’s assets, which operate at the forefront of energy production basins, promises to foster greater energy security and refined service delivery to meet both domestic and international energy demands.

The transaction is expected to not only enhance ONEOK's service portfolio but also pave the way for new growth trajectories in several key markets. With a multitude of challenges facing the energy sector, including fluctuating commodity prices and regulatory pressures, the merger positions ONEOK to tackle these hurdles with a strengthened operational framework.

Forward-Looking Statements

It is crucial to note that this announcement contains forward-looking statements, per the definitions set forth in the Securities Act of 1933 and the Securities Exchange Act of 1934. The statements encompass expectations regarding the merger, the anticipated benefits post-acquisition, and the overall business integration strategy. However, a range of risks and uncertainties could influence the realization of these expectations, including potential integration challenges and market conditions.

Stakeholders and investors are advised to remain cautious and to reference detailed filings by both ONEOK and EnLink available via the U.S. Securities and Exchange Commission (SEC) to stay informed of developments.

Conclusion

The unitholder approval of this acquisition signifies a critical milestone for both ONEOK and EnLink as they seek to reshape their operational capacities amid a continuously evolving energy landscape. As the industry anticipates the closing of this deal, the merger reflects a broader trend of consolidation aimed at enhancing efficiency and competitiveness in the energy sector.

For further information on ONEOK and its acquisition journey, interested parties can visit their official website or follow recent updates announced via their investor relations channels.