Pipeline operator ONEOK to buy remaining shares of EnLink in $4.3 bln deal

Pipeline relation ONEOK said connected Sunday it would bargain the remaining shares of adjacent EnLink Midstream, for $4.3 cardinal successful an all-stock deal, boosting its beingness successful the Permian Basin amid accrued consolidation successful the U.S. vigor sector.

In August, ONEOK acquired a 43% controlling involvement successful Enlink, which has a coagulated beingness successful the Permian basin, from Global Infrastructure Partners for astir $3.3 cardinal successful cash.

ONEOK said it volition connection 0.1412 shares of its communal banal for each EnLink unit.

The woody values Enlink astatine astir $7.6 billion, portion the involvement acquisition would beryllium astatine a premium of astir 5% to EnLink's Friday close, according to Reuters calculations based connected EnLink's and ONEOK's past close.

The U.S. pipeline and retention assemblage is seen arsenic ripe for deals pursuing accrued consolidation among lipid and state producers, arsenic good arsenic hurdles successful getting caller vigor infrastructure approved and built.

Earlier successful the month, different pipeline relation DT Midstream agreed to get 3 earthy state transmission pipelines from ONEOK for $1.2 cardinal successful cash, to boost its beingness successful the Midwest market.