ONEOK Buys $4.3 Billion in EnLink Shares
Exciting news for ONEOK as they move forward with their plan to acquire all outstanding publicly held common units of EnLink! This major decision, totaling $4.3 billion, is part of a merger between ONEOK and EnLink.
In a message to employees on December 11, Pierce Norton, President and CEO of ONEOK, and Jesse Arenivas, President and CEO of EnLink Midstream, shared the progress. They announced that ONEOK has filed a Registration Statement on Form S-4, including a preliminary proxy statement of EnLink and a preliminary prospectus of ONEOK. This step will register with the Securities Exchange Commission the shares of ONEOK common stock that EnLink unitholders will receive as part of the merger.
Following an SEC comment period, ONEOK and EnLink anticipate submitting definitive filings. These will provide details about an EnLink unitholder special meeting to approve the transaction. Under the agreement, EnLink units not already owned by ONEOK will be converted into 0.1412 shares of ONEOK common stock. As part of the deal, ONEOK plans to issue nearly 37 million shares, totaling around 6.0% of ONEOK’s outstanding shares upon completing the transaction.
Additional explanations were offered to shareholders in a separate SEC filing. The process is progressing smoothly, and the future looks bright for ONEOK and EnLink as they move towards this significant merger.
