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ONEOK completed the acquisition of Magellan Midstream Partners for $18.8bn.

Synopsis

ONEOK, a midstream service provider, completed the acquisition of Magellan Midstream Partners, a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil, for $18.8bn. "This is a significant day for Tulsa and the industry as we bring together the talented ONEOK and Magellan teams and look to the future as one company. Our expanded products platform will present additional opportunities in ONEOK's core businesses and further enhance the resiliency of our company. We are committed to ensuring a smooth transition aimed at delivering on the many benefits of this combination for our customers, employees and shareholders," Pierce H. Norton II, ONEOK President and CEO.

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