ONEOK Announces Definitive Proxy Statement for Pending Acquisition of EnLink Midstream Common Units –

On December 31, 2024, ONEOK, Inc. (NYSE: OKE) disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission (SEC) that EnLink Midstream, LLC (NYSE: ENLC) has filed definitive proxy materials relating to ONEOK’s planned acquisition of the remaining publicly held common units of EnLink. The special meeting of EnLink Unitholders is scheduled to be held virtually at 10:00 a.m. Central Time on January 30, 2025.

All EnLink unitholders of record by the end of business on December 23, 2024, will have the right to vote their common units at the Special Meeting. The recommendation from both the EnLink Board of Directors and the conflicts committee is to vote “FOR” all proposals outlined in the definitive proxy statement, with proxy materials expected to be dispatched around December 31, 2024. It was highlighted that ONEOK has committed to voting its EnLink common units in favor of the proposed transaction.

The acquisition is subject to approval by a majority of outstanding EnLink common units, among other customary closing conditions. ONEOK will acquire all outstanding units of EnLink in a tax-free transaction, with each EnLink common unit converting into 0.1412 shares of ONEOK common stock.

Once finalized, the consolidation of ONEOK and EnLink is set to establish an integrated Permian Basin platform on a substantial scale, expanding and extending ONEOK’s presence in the Mid-Continent, North Texas, and Louisiana regions. Expected synergies from this transaction are aligned with ONEOK’s robust balance sheet and capital allocation strategy.

The projected timeframe for the transaction to conclude, subject to EnLink unitholders’ approval, and other standard closing conditions, is estimated to be in the first quarter of 2025. EnLink Unitholders requiring assistance with voting or having queries about the Special Meeting have been directed to contact EnLink’s proxy solicitor.

The filing also specified that this communication contains forward-looking statements subject to various risks and uncertainties. It is emphasized that readers should exercise caution and not place excessive reliance on these forward-looking statements. This directive comes in compliance with regulations, ensuring that all necessary information is thoroughly communicated to prospective investors and stakeholders.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ONEOK’s 8K filing here.

About ONEOK

ONEOK, Inc engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.