secwatch.observer — SEC 8-K summary
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Issuer:     ONEOK INC /NEW/ (OKE)
CIK:        0001039684
Form:       8-K
Filed at:   2026-08-31T21:09:01+00:00
Accession:  0001193125-26-377023
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 8.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1039684/000119312526377023/0001193125-26-377023-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1039684/000119312526377023/d405989d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-377023

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer