ONEOK to acquire remaining EnLink units for $4.3B in stock; exchange ratio 0.1412

ONEOK INC /NEW/

Deal valued at $4.3B: ONEOK issues ~37M shares (6% of pro forma outstanding) at $15.75/EnLink unit.
ONEOK already owns ~44% of EnLink units and has agreed to vote those units in favor.
Closing expected Q1 2025; no ONEOK shareholder vote required; HSR waiting period already cleared.
Each EnLink common unit not owned by ONEOK converts into 0.1412 ONEOK shares; tax-free for unitholders.
Termination fee of $143.978M payable by EnLink under certain conditions.

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