ONEOK to acquire Brazos Midstream Permian assets for $4.425B
ONEOK (APO) will acquire Brazos Midstream’s Permian Midland Basin assets for $4.425 billion.
Story updates
08:43:55 PM UTC
SquawkNews
OKE APO ONEOK to Acquire Brazos Midstream's Permian Midland Basin Assets for $4.425B ⠀ · ONEOK agreed to acquire Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets for $4.425B in cash. · The deal will be funded through a $9B nonvoting minority equity investment from Apollo-managed funds; ONEOK plans to use ~$5B of the proceeds to extinguish existing debt and target ~3.25x pro forma 2027 debt-to-EBITDA without issuing common equity. · The acquisition is expected to be immediately accretive to earnings and free cash flow per share and will more than double ONEOK's Midland Basin processing capacity to ~2.3 Bcf/d, including plants under construction.
08:52:40 PM UTC
SquawkNews
Enters Pact With Apollo And Affiliates For $9B Investment - Transaction Expected To Be Immediately Accretive To Earnings
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