TULSA, Okla. — ONEOK, Inc. and Magellan Midstream Partners, L.P. announced ONEOK will acquire Magellan in a transaction valued at about $18.8 billion as part of a merger agreement.
The transaction is expected to close in the third quarter of 2023 and has been approved by the board of directors of both companies.
As part of the transaction, Magellan will be merged into a 100% wholly-owned subsidiary of ONEOK.
“ONEOK has a long history and track record of being at the forefront of transformational transactions. The combination of ONEOK and Magellan will create a diversified North American midstream infrastructure company with predominately fee-based earnings, a strong balance sheet, and significant financial flexibility focused on delivering essential energy products and services to our customers and continued strong returns to investors,” said Pierce H. Norton II, ONEOK President, and CEO.
“Throughout more than 20 years as a publicly traded company, Magellan has remained focused on safe and responsible operations, financial discipline, and long-term investor value. We believe ONEOK shares these priorities, and we are pleased to join them in creating a stronger, more diversified midstream company,” said Aaron Milford, Magellan President, and CEO.
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