Announcement • Feb 02

ONEOK, Inc. (NYSE:OKE) completed the acquisition of remaining 56.2% stake in EnLink Midstream, LLC (NYSE:ENLC) from ALPS Advisors, Inc., Invesco Ltd. (NYSE:IVZ) and others.

ONEOK, Inc. (NYSE:OKE) agreed to acquire remaining 56.2% stake in EnLink Midstream, LLC (NYSE:ENLC) from ALPS Advisors, Inc., Invesco Ltd. (NYSE:IVZ) and others for $4.4 billion on November 24, 2024. The consideration consists of common equity of ONEOK, Inc. to be issued for common equity of EnLink Midstream, LLC. Upon completion, ONEOK, Inc. will own 100% stake in EnLink Midstream, LLC. Under the agreement, each outstanding common unit of EnLink that ONEOK does not already own will be converted into 0.1412 shares of ONEOK common stock. In the aggregate, ONEOK will issue approximately 37 million shares in connection with the proposed transaction, representing approximately 6.0% of the total ONEOK shares outstanding upon consummation of the transaction. In case of termination, EnLink Midstream will be obligated to pay to ONEOK, a termination fee equal to $144 million. At market open on January 31, 2025, EnLink will be removed from the Tortoise MLP Index® (TMLP), the Tortoise North American Pipeline IndexSM (TNAP), and the Tortoise Decarbonization Infrastructure IndexSM (DCRBN) as a result of the transaction. The EnLink Conflicts Committee, after evaluating the transaction with its independent legal and financial advisors, unanimously determined that the transaction is in the best interests of EnLink and the public unitholders and approved the transaction. The EnLink Conflicts Committee recommended approval of the transaction to the EnLink Board, which also unanimously approved the transaction. The completion of the merger is subject to the approval of a majority of the outstanding EnLink common units, registration statement on Form S-4, listing on the NYSE and other customary closing conditions. Subject to the satisfaction of customary closing conditions, completion of the transaction is expected to occur in the first quarter of 2025. In addition, no further regulatory approval is necessary, as ONEOK filed under the Hart-Scott-Rodino Act in connection with its previously announced acquisition of the controlling interest in EnLink, and the necessary waiting period, including for this transaction, has been completed. The Registration Statement was declared effective on December 30, 2024. As of January 30, 2025, the transaction was approved by EnLink's shareholders. The transaction is expected to close on January 31, 2025. Goldman Sachs & Co. LLC is serving as lead financial advisor to ONEOK. Barclays and Citi also advised ONEOK. Sean Wheeler, Debbie Yee,Camille Meissner, Rob Fowler, David Wheat, Bill Dong, Julian Seiguer and Rachael Lichman of Kirkland & Ellis LLP is serving as ONEOK's legal advisor. Evercore is acting as financial advisor and Richards, Layton & Finger, P.A. is acting as legal advisor to the EnLink Conflicts Committee, and Preston Bernhisel, Sarah Dodson, Luke Weedon, Steve Marcus, Jason Loden and Aileen Hooks of Baker Botts L.L.P. is acting as legal advisor to EnLink. Innisfree M&A Incorporated acted as information agent and Equiniti Trust Company, LLC acted as transfer agent to EnLink. EnLink agreed to pay Innisfree M&A Incorporated a fee of up to $75,000. EnLink has agreed to pay Evercore a fee of $2,000,000 upon rendering its opinion and a closing fee of $700,000 upon the closing of the mergers. Evercore also received a fee of $300,000 upon execution of its engagement letter with EnLink. ONEOK, Inc. (NYSE:OKE) completed the acquisition of remaining 56.2% stake in EnLink Midstream, LLC (NYSE:ENLC) from ALPS Advisors, Inc., Invesco Ltd. (NYSE:IVZ) and others on January 31, 2025. EnLink common units will no longer be publicly traded on the New York Stock Exchange.

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ONEOK, Inc. (NYSE:OKE) completed the acquisition of remaining 56.2% stake in EnLink Midstream, LLC (NYSE:ENLC) from ALPS Advisors, Inc., Invesco Ltd. (NYSE:IVZ) and others.

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