8-K
filed October 15, 2024, 7:59 PM ET
CIK 0001592000
M&A
confidence high
sentiment neutral
materiality 1.00
EnLink Midstream, LLC: M&A transaction — ONEOK completes acquisition of control of EnLink Midstream for $3.285 billion
EnLink Midstream, LLC
- ONEOK acquired ~43% of ENLC common units (200,340,753 units) at $14.90/unit and all Manager interests for $300M, total ~$3.285B.
- Benjamin M. Daniel, Matthew C. Harris, Scott E. Telesz resigned from EnLink Midstream Manager Board; Pierce H. Norton II, Walter S. Hulse III, Lyndon C. Taylor appointed.
- ENLC entered indemnification agreements with new directors Pierce Norton, Walter Hulse, and Lyndon Taylor.
- Third Amended and Restated LLC Agreement of EnLink Midstream Manager effective Oct 15, replacing Sellers with ONEOK references.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 1.0
Walter S. Hulse III was appointed as Director at EnLink Midstream, LLC.
- Action
- appointed
- Role
- Director
Exact text from the filing
each of the following individuals was appointed to the Manager Board (the “New Directors”) and Pierce H. Norton II was appointed to serve as Chairman of the Manager Board: Pierce H. Norton II Walter S. Hulse III Lyndon C. Taylor
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Matthew C. Harris resigned as Chairman of the Manager Board at EnLink Midstream, LLC.
- Action
- resigned
- Role
- Chairman of the Manager Board
Exact text from the filing
Benjamin M. Daniel, Matthew C. Harris, and Scott E. Telesz each tendered his resignation from the Board of Directors of the Manager
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Lyndon C. Taylor was appointed as Director at EnLink Midstream, LLC.
- Action
- appointed
- Role
- Director
Exact text from the filing
each of the following individuals was appointed to the Manager Board (the “New Directors”) and Pierce H. Norton II was appointed to serve as Chairman of the Manager Board: Pierce H. Norton II Walter S. Hulse III Lyndon C. Taylor
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Benjamin M. Daniel resigned as Director at EnLink Midstream, LLC.
- Action
- resigned
- Role
- Director
Exact text from the filing
Benjamin M. Daniel, Matthew C. Harris, and Scott E. Telesz each tendered his resignation from the Board of Directors of the Manager
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Scott E. Telesz resigned as Director at EnLink Midstream, LLC.
- Action
- resigned
- Role
- Director
Exact text from the filing
Benjamin M. Daniel, Matthew C. Harris, and Scott E. Telesz each tendered his resignation from the Board of Directors of the Manager
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Pierce H. Norton II was appointed as Chairman of the Manager Board at EnLink Midstream, LLC.
- Action
- appointed
- Role
- Chairman of the Manager Board
Exact text from the filing
each of the following individuals was appointed to the Manager Board (the “New Directors”) and Pierce H. Norton II was appointed to serve as Chairman of the Manager Board: Pierce H. Norton II Walter S. Hulse III Lyndon C. Taylor
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
EnLink Midstream, LLC: Amended and restated limited liability company agreement of the Manager to replace references to Seller I with references to ONEOK (effective 2024-10-15).
- Change
- charter amendment
- Effective
- 2024-10-15
Exact text from the filing
On October 15, 2024, in connection with the Closing, ONEOK entered into the Third Amended and Restated Limited Liability Company Agreement of the Manager (the “Amended and Restated Manager Agreement”) to, among other things, replace references to Seller I with references to ONEOK.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
EnLink Midstream, LLC underwent a change of control involving ONEOK, Inc. for approximately $3.285 billion (closed 2024-10-15).
- Action
- change of control
- Counterparty
- ONEOK, Inc.
- Consideration
- approximately $3.285 billion
- Closing
- 2024-10-15
Exact text from the filing
all of the outstanding limited liability company interests in the Manager from Seller I in exchange for $300.0 million in cash, for a total cash consideration of approximately $3.285 billion . As a result of the Transactions, ONEOK acquired control of the operations of ENLC and its subsidiaries. ONEOK used a portion of the net proceeds from its underwritten public
View on SEC.gov
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