ONEOK is moving ahead with a decision reached late last month to acquire all of the outstanding publicly held common units of EnLink in a $4.3 billion plan. It’s part of ONEOK’s merger with EnLink.
In a Dec. 11 message to employees of the two companies, Pierce Norton, President and CEO of ONEOK and chairman of the Enlink Midstream Board of Directors and Jesse Arenivas, President and Chief Executive Officer of EnLink Midstream stated, “We are pleased to share that we’ve reached an important step in ONEOK’s planned acquisition of the remaining publicly held common units in EnLink Midstream, LLC. On December 9, 2024, ONEOK filed a Registration Statement on Form S-4, which includes a preliminary proxy statement of EnLink and a
preliminary prospectus of ONEOK.”
It means the Form S-4 wll register with the Securities Exchange Commission the shares of ONEOK common stock to be received by EnLink uitholders as merger consideration.
“After an SEC comment period, ONEOK and EnLink expect to submit definitive filings, which would include details about the EnLink unitholder special meeting to approve the transaction,” explained the two leaders.
In the November announcement, it was explained that under the agreement, a unit of EnLink that ONEOK did not already own, would be converted into 0.1412 shares of ONEOK common stock. As part of the offer, ONEOK planned to issue nearly 37 million shares in connection with the transaction, representing approximately 6.0% of the total ONEOK shares outstanding upon consummation of the transaction.
In a separate SEC filing, shareholders were offered additional explanation.
