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$4.425 billion in cash will change hands as ONEOK acquires Brazos Midstream's natural gas gathering and processing assets in the Permian Basin's Midland sub-basin, the company disclosed.
The deal has been approved by ONEOK's board and is expected to close in the fourth quarter of 2026, pending U.S.
ONEOK is funding the transaction through a separate $9 billion nonvoting minority equity investment from funds and affiliates managed by Apollo Global Management.
The company said roughly $5 billion of those proceeds will go toward retiring existing debt, with the balance covering the Brazos purchase price. No common equity is being issued.
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