ONEOK (OKE) said Oct. 15 it closed the $3.3 billion acquisition of a controlling interest in EnLink Midstream, marking one of the biggest midstream M&A deals of 2024.

The parties announced the deal on Aug. 28. Through the agreement, ONEOK is acquiring all of Global Infrastructure Partners’ (GIP) 43% ownership of EnLink’s common units for $14.90 per unit and 100% interest as managing member for $300 million.

"With the closing of this acquisition, ONEOK expands our integrated assets in key production basins, including the prolific Permian Basin, and establishes a new strategic asset position in Louisiana," said Pierce H. Norton II, ONEOK president and CEO, in the company's release. "As we add another meaningful platform to ONEOK's businesses, we're confident in the enhanced service offerings and value we can provide our stakeholders.”

ONEOK’s overall $5.9 billion deal with GIP included the acquisition of Medallion Midstream, the Permian Basin’s largest independent crude oil pipeline company. ONEOK will buy from GIP all of its equity interests in Medallion for $2.6 billion.

The finalization of the Medallion merger is ongoing, according to ONEOK’s release.

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