ONEOK Inc. (OKE) has announced its intention to acquire all publicly held common units of EnLink Midstream LLC (ENLC) through a transaction valued at $4.3 billion, to be paid in ONEOK common stock.
As per the terms of the agreement, each EnLink common unit not currently owned by ONEOK will be exchanged for 0.1412 shares of ONEOK common stock. This exchange ratio is based on EnLink's closing market price of $15.75 per unit on November 22, 2024, relative to ONEOK's 10-day volume-weighted average price (VWAP).
In total, ONEOK plans to issue around 37.0 million shares for this proposed transaction, which will constitute approximately 6.0% of the total outstanding ONEOK shares once the transaction is finalized.
The transaction is anticipated to be completed in the first quarter of 2025.
