---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-144039"
form_type: "8-K"
ticker: "OKE"
cik: "0001039684"
company_name: "ONEOK INC /NEW/"
filed_at: "2023-05-15T23:59:59+00:00"
generated_at: "2026-06-15T00:28:50.838202+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# ONEOK to acquire Magellan in $18.8B cash-and-stock deal; $67.50/unit (22% premium)

## Summary
- Magellan unitholders get $25 cash + 0.667 ONEOK shares per unit; deal valued at $18.8B including assumed debt.
- Combined enterprise value ~$60B; expected EPS accretive 3-7% per year 2025-2027; FCF per share accretion >20% 2024-2027.
- At least $200M annual synergies expected; potential $400M total within 2-4 years; step-up in tax basis valued at ~$3.0B (NPV ~$1.5B).
- ONEOK secured $5.25B bridge loan commitment from Goldman Sachs; transaction subject to HSR, unitholder and shareholder votes.
- Pro-forma net debt/EBITDA ~4.0x at 2024 year-end; targeting <3.5x by 2026 via free cash flow and growth projects.

## SEC filing metadata
- accession: 0001193125-23-144039
- form_type: 8-K
- ticker: OKE
- cik: 0001039684
- company_name: ONEOK INC /NEW/
- filed_at: 2023-05-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1039684/000119312523144039/0001193125-23-144039-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1039684/000119312523144039/d495091d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-144039
- JSON: https://secwatch.observer/filing/0001193125-23-144039.json
- Plain text: https://secwatch.observer/filing/0001193125-23-144039.txt

## Key facts
- Material Agreements
  ONEOK INC /NEW/ entered into Agreement and Plan of Merger with Magellan Midstream Partners, L.P. (effective 2023-05-14).
  - Action: entry
  - Agreement: merger
  - Counterparty: Magellan Midstream Partners, L.P.
  - Effective: 2023-05-14
  source text: On May 14, 2023, ONEOK, Inc., an Oklahoma corporation (NYSE: OKE) (“ ONEOK ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with Otter Merger Sub, LLC, a Delaware limited liability company and a newly formed, wholly owned subsidiary of ONEOK (“ Merger Sub ”), and Magellan Midstream Partners, L.P. (NYSE: MMP), a Delaware limited partnership (“ Magellan ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1039684/000119312523144039/0001193125-23-144039-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.