Announced
Completed
Financials
Tags
Completed
Gas Distribution
Acquisition
Natural
United States
natural gas transport
natural gas gathering
Public
Single Bidder
Private Equity
Synopsis
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.
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