ONEOK to acquire Brazos Midland Basin assets for $4.425B; Apollo invests $9B

ONEOK INC /NEW/

Acquiring Brazos Midstream's Permian Midland Basin gas gathering/processing assets for $4.425B cash.
Funded by $9B nonvoting minority equity investment from Apollo funds; IRR capped at 7.0% for first 9 years.
Intent to extinguish ~$5B existing debt, targeting pro forma 2027 leverage ~3.25x debt-to-EBITDA.
Implied multiple ~7.5x est. 2027 EBITDA incl. $80M synergies; immediately accretive to EPS and FCF.
Reorganization into new holding company; OKE shares convert automatically, trade uninterrupted under new CUSIP.

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