Tulsa-based ONEOK has completed acquisition of the entire interest held by Global Infrastructure Partners in EnLink Midstream for total cash consideration of about $3.3 billion. The acquisition consists of 43 percent of EnLink’s outstanding common units ($14.90 per unit) and 100 percent interest in the managing member for $300 million.
Pierce H. Norton II, president and CEO, said Oct. 15, “With the closing of this acquisition, ONEOK expands our integrated assets in key production basins, including the prolific Permian Basin, and establishes a new strategic asset position in Louisiana.” Norton added, “We continue working toward the successful completion of our acquisition of GIP’s equity interests in Medallion Midstream, further enhancing ONEOK’s leading integrated midstream infrastructure position.”
ONEOK is a leading midstream operator that provides gathering, processing, fractionation, transportation and storage services.