ONEOK’s acquisition of Magellan Midstream is a done deal

Merger - Overview, Types, Advantages and Disadvantages

 

ONEOK made it official on Monday, announcing the completion of its acquisition of Tulsa’s Magellan Midstream Partners, L.P.

As reported last week by OK Energy Today, shareholders of both companies approved the plan. ONEOK said as a result, the creation was a “more diversified North American midstream infrastructure company focused on delivering essential energy products and services to its customers, and continued strong returns to investors.”

The transaction was approved by ONEOK shareholders and Magellan unitholders at their respective special meetings held on September 21, 2023.

“This is a significant day for Tulsa and the industry as we bring together the talented ONEOK and Magellan teams and look to the future as one company,” said Pierce H. Norton II, ONEOK president and chief executive officer.

“Our expanded products platform will present additional opportunities in ONEOK’s core businesses and further enhance the resiliency of our company. We are committed to ensuring a smooth transition aimed at delivering on the many benefits of this combination for our customers, employees and shareholders.”

Magellan unitholders received $25.00 in cash and 0.667 shares of ONEOK common stock for each outstanding Magellan common unit. Magellan common units will no longer be publicly traded on the New York Stock Exchange (NYSE). Shares of ONEOK common stock will continue to trade on the NYSE.

Source: ONEOK press release