ONEOK acquires Magellan Midstream Partners in $19 billion deal to expand pipeline operations.
Oneok has agreed to acquire Magellan Midstream Partners in a cash-and-stock deal worth $18.8 billion, creating one of the largest oil and natural gas pipeline operators in the US. The deal includes $8.8 billion in new equity and the assumption of $5 billion of existing net debt. The acquisition will give Oneok access to a network of crude oil and refined products conduits and terminals sprawling from Texas to Minnesota. The transaction is expected to close in the third quarter, subject to shareholders and regulatory approvals.