Investing.com– ONEOK Inc (NYSE:) mentioned it would purchase the rest of EnLink Midstream LLC (NYSE:) shares it doesn’t maintain in an all-stock deal, because the pipeline operator seems to be to spice up its place within the Permian and Mid-Continent basins.
ONEOK will provide 0.1412 shares for every frequent share of EnLink, representing a per-share worth of $16.52746. The determine is a 4.7% premium to EnLink’s shut on Friday, and values a roughly 57% stake within the midstream operator at $4.3 billion.
ONEOK mentioned it had executed a definitive merger settlement with EnLink, and can concern about 37 million shares for the transaction.
The transfer comes after ONEOK earlier this 12 months purchased everything of International Infrastructure Companions’ stake in EnLink- representing a 43% stake within the firm- for about $3.3 billion. ONEOK had mentioned it might purchase the rest of all publicly-traded shares within the agency later within the 12 months.
ONEOK had additionally purchased GIP’s stake in Medallion Midstream for $2.6 billion in money, amid a broader consolidation within the U.S. pipeline and storage business.
The U.S. oil business is anticipated to choose up within the coming years, particularly as President-elect Donald Trump vowed to ramp up native power manufacturing.
