---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-377023"
form_type: "8-K"
ticker: "OKE"
cik: "0001039684"
company_name: "ONEOK INC /NEW/"
filed_at: "2026-08-31T21:09:01+00:00"
generated_at: "2026-08-31T21:10:29.228262+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 Brazos Midland Basin assets for $4.425B; Apollo invests $9B

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-377023
- form_type: 8-K
- ticker: OKE
- cik: 0001039684
- company_name: ONEOK INC /NEW/
- filed_at: 2026-08-31T21:09:01+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, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1039684/000119312526377023/0001193125-26-377023-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1039684/000119312526377023/d405989d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-377023
- JSON: https://secwatch.observer/filing/0001193125-26-377023.json
- Plain text: https://secwatch.observer/filing/0001193125-26-377023.txt

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