ONEOK to acquire ONEOK Partners for $9.3bn

ONEOK has acquired ONEOK Partners, engaged in the gathering, processing, storage, and transportation of natural gas for $9.3bn. "The support for this transaction by both ONEOK shareholders and ONEOK Partners unitholders was evident today. This investor support underscores our decision to create a larger, stand-alone operating company, resulting in solid dividend coverage and a lower cost of funding, enhancing our ability to execute on our long-term growth strategy as one of the country's leading midstream energy companies. We believe this transaction positions our businesses well for continued growth and provides ONEOK shareholders with long-term value through an expected higher dividend growth rate and an even stronger balance sheet." Terry K. Spencer, ONEOK president and chief executive officer.