Oneok Inc. is set to enhance its energy infrastructure portfolio through two major acquisitions totaling $5.9 billion. The Tulsa-based company is acquiring Global Infrastructure Partners’ (GIP) interests in both EnLink Midstream LLC for $3.3 billion and Medallion Midstream LLC for $2.6 billion. The deals will significantly boost Oneok’s energy transport and storage operations in the Permian Basin and Gulf Coast.
Legal and Financial Teams on the Transactions
Kirkland & Ellis LLP is advising Oneok on both transactions. GIP is represented by Latham & Watkins LLP for the EnLink deal and by Vinson & Elkins for the Medallion acquisition. Financing for the acquisitions is being arranged by JPMorgan Chase Bank NA and Goldman Sachs Bank USA, which are committed to providing up to $6 billion.
Oneok $5.9B Energy Infrastructure Deals : Strategic Expansion in Key Markets
These acquisitions allow Oneok to gain substantial control over EnLink’s natural gas gathering and processing systems in the Gulf Coast, along with Medallion’s crude oil gathering business in the Permian Basin. Oneok’s CEO, Pierce H. Norton II, emphasized the importance of this strategic growth, particularly in the Permian Basin, which is expected to drive U.S. oil and gas production in the coming years.
