Oneok, Inc. and Enlink Midstream, LLC have announced the filing of Enlink's definitive proxy materials with the U.S. Securities and Exchange Commission in connection with Oneok's pending acquisition of the remaining publicly held common units of Enlink. The special meeting of Enlink unitholders is scheduled to take place on January 30, 2025, with all Enlink unitholders of record as of December 23, 2024, entitled to vote their units at the special meeting.
As previously announced, Oneok will acquire all outstanding units of Enlink in a tax-free transaction, with each outstanding common unit of Enlink that Oneok does not already own being converted into 0.1412 shares of Oneok common stock. The transaction is expected to close in the first quarter of 2025, subject to approval by Enlink unitholders and other customary closing conditions.
The combination of Oneok and Enlink is anticipated to establish a fully integrated Permian Basin platform at scale and further expand and extend Oneok’s footprint in the mid-continent, North Texas, and Louisiana. The transaction is expected to provide significant synergies through complementary asset positions and support Oneok’s strong balance sheet and capital allocation strategy. Following these announcements, the company's shares moved -0.0%, and are now trading at a price of $100.73. Check out the company's full 8-K submission here.
