secwatch.observer — SEC 8-K summary
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Issuer:     ONEOK INC /NEW/ (OKE)
CIK:        0001039684
Form:       8-K
Filed at:   2023-05-15T23:59:59+00:00
Accession:  0001193125-23-144039
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1039684/000119312523144039/0001193125-23-144039-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1039684/000119312523144039/d495091d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-144039

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