ONEOK Inc

OKE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$86.00	Qtdjh	Jvltkydt

Oneok: A Surprising Set of Transactions Yields Substantial Shareholder Value

Stephen Ellis

Aug 29, 2024

Narrow-moat Oneok has agreed to a complicated multistage collection of transactions. On Aug. 29, it announced that it will acquire Global Infrastructure Partners’ interests in EnLink, consisting of its 43% interest in its common units at $14.90 a unit for $3 billion, and another $300 million for its managing (general partner) interest. It’s also agreed to acquire GIP’s 100% ownership stake of Medallion Midstream for $2.6 billion. Following the completion of its initial stake in EnLink in late 2024, Oneok expects to acquire the remaining 57% of the public units, which would be an incremental $9 billion by our estimates.

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