ONEOK to Acquire Outstanding Units of ONEOK Partners; Provides Strong 2017 Outlook
On Feb. 1, 2017, Oneok announced the acquisition of all outstanding units of Oneok Partners for $9.3 billion, a 22% premium over the Oneok Partners closing price from Jan. 27, 2017. This transaction continues the trend in the midstream energy patch of consolidating general partner and limited partner interests and eliminating burdensome incentive distribution rights in favor of accelerating distribution growth for all owners of the pro forma entity. We like this trend, as it lowers the cost of e...
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