ONEOK to acquire Permian Basin assets for $4.43 billion

ONEOK has announced a definitive agreement to acquire Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets for $4.425 billion in cash. The transaction, which will be funded through a $9 billion nonvoting minority equity investment from Apollo, is expected to be immediately accretive to earnings and free cash flow per share.

Following completion of the Cassidy II processing plant in Q3 2027, ONEOK's Midland Basin processing capacity will more than double to approximately 2.3 billion cubic feet per day. The acquisition is anticipated to close in the fourth quarter of 2026, subject to customary closing conditions.

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