EnLink Midstream Enters Definitive Merger Agreement with ONEOK, Inc. – A Financial News Perspective

EnLink Midstream, LLC, a Delaware limited liability company, announced on November 24, 2024, that it has entered into a definitive Agreement and Plan of Merger with ONEOK, Inc., an Oklahoma corporation. The merger involves EnLink Midstream Manager, LLC, Elk Merger Sub I, L.L.C., and Elk Merger Sub II, L.L.C., all in transactions overseen by the Manager Board.

As per the agreement, EnLink Midstream will undergo two mergers. Firstly, Merger Sub I will merge with and into EnLink Midstream, with the latter continuing as a Delaware limited liability company. Subsequently, the company will merge with and into Merger Sub II, which will remain as a Delaware limited liability company. Upon the First Merger Effective Time, common units representing limited liability company interests in EnLink Midstream will be converted into shares of ONEOK, Inc.

The execution of the Support Agreement saw Parent, ONEOK, Inc., commit to voting the Common Units it holds in favor of the Merger Agreement. The Support Agreement is set to terminate under certain prescribed circumstances.

The parties involved have expressed confidence in the merit of the Transaction, as established by the Manager Conflicts Committee and the Manager Board. The proposed merger is subject to Company Unitholder Approval and customary closing conditions, including the effectiveness of the Registration Statement with the SEC.

It has been highlighted that the representations and covenants made in the Merger Agreement are specific to the agreement and its context, serving to allocate contractual risks rather than establish factual claims. The Merger Agreement may be terminated under specific circumstances, with termination fees outlined in the event of termination.

In a joint press release issued on November 24, 2024, EnLink Midstream and ONEOK highlighted the details of the Agreement. Communication within the companies has been initiated to apprise employees of the proposed merger, which is anticipated to conclude in the first quarter of 2025, subject to approval and closing conditions.

The completion of this merger will require careful regulatory oversight and thorough communication channels between the two companies to ensure a successful transition process. The details and progress of this significant agreement will be further updated based on the approvals received and the development of events as they unfold.

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This article provides a comprehensive overview of the definitive merger agreement between EnLink Midstream and ONEOK, Inc. The transaction reflects strategic decisions made by the involved parties and sets the stage for a new phase in their corporate development.

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

About EnLink Midstream

EnLink Midstream, LLC provides midstream energy services in the United States. The company operates through Permian, Louisiana, Oklahoma, North Texas, and Corporate segments. It is involved in gathering, compressing, treating, processing, transporting, storing, and selling natural gas; fractionating, transporting, storing, and selling natural gas liquids; and gathering, transporting, stabilizing, storing, trans-loading, and selling crude oil and condensate, as well as providing brine disposal services.