Oneok (NYSE: OKE) is bolstering its dividend potential through a substantial $5.9 billion acquisition spree. The company is integrating two major assets from Global Infrastructure Partners (GIP): a 43% stake in EnLink Midstream (NYSE: ENLC) and full control of Medallion Midstream. These acquisitions are set to close in the early fourth quarter and will create a significantly larger, more diversified platform primarily in the Permian Basin, midcontinent, North Texas, and Louisiana regions. EnLink’s growing carbon dioxide transportation business and other synergies are poised to increase Oneok’s annual EBITDA from approximately $6.2 billion to $8 billion. The transactions will be immediately accretive, enhancing earnings per share by more than 5% annually from 2025 to 2028. Oneok aims to use the additional free cash flow to boost dividends, repurchase stock, and lower debt levels.
Energy, Private Equity, Infrastructure,United States
https://mergersacquisitions.einnews.com/article/740012466/Ba1EldCLsfmAqpW_?ref=rss&ecode=Q1vNcweEggLWKz7L