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● TRACKER Updated 14d ago · 7 sources tracked

ONEOK to Buy Brazos Midstream’s Permian Assets for $4.43 Billion

ONEOK is acquiring Permian Midland Basin assets from Brazos Midstream in a deal valued at $4.425 billion. The transaction involves a minority equity investment to fund the purchase, with Apollo Global Management providing funding. While some reports round the price to $4.4 billion or $4.43 billion, ONEOK's own announcement specifies the $4.425 billion figure. This acquisition expands ONEOK's footprint in the Permian Basin, leveraging assets from the Fort Worth-based pipeline firm to increase its midstream capacity in one of the most productive oil regions in the United States.

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⚡ Key Developments & Real-Time Context
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  • ✓ ONEOK is acquiring Brazos Midstream's Permian Midland Basin assets for $4.425 billion.
  • ✓ Apollo Global Management is funding the Brazos deal.
  • ✓ Latham & Watkins LLP advised ONEOK on a minority equity investment to fund the acquisition.
🛡️ Source Corroboration: 7 independent reporting domains (95% confidence) ⏱ Read time: ~2 min

What changed

ONEOK announced the specific $4.425 billion purchase price for Brazos Midstream's Permian Midland Basin assets.

Live updates

  1. ONEOK to Acquire Brazos Midstream Permian Assets for $4.425 Billion

    ONEOK is acquiring Permian Midland Basin assets from Brazos Midstream in a deal valued at $4.425 billion. The transaction involves a minority equity investment to fund the purchase, with Apollo Global Management providing funding. While some reports round the price to $4.4 billion or $4.43 billion, ONEOK's own announcement specifies the $4.425 billion figure. This acquisition expands ONEOK's footprint in the Permian Basin, leveraging assets from the Fort Worth-based pipeline firm to increase its midstream capacity in one of the most productive oil regions in the United States.

    Why it matters

    The Permian Basin is a critical hub for U.S. energy production, making asset acquisitions there a primary growth strategy for midstream companies. This deal integrates Brazos Midstream's infrastructure into ONEOK's existing network. The involvement of Apollo Global Management indicates a complex financing structure involving private equity.

    What is confirmed

    • ONEOK is acquiring Brazos Midstream's Permian Midland Basin assets for $4.425 billion.
    • Apollo Global Management is funding the Brazos deal.
    • Latham & Watkins LLP advised ONEOK on a minority equity investment to fund the acquisition.

    Still unconfirmed

    • Apollo is repackaging a $9 billion Oneok stake into a debt deal.

    What to watch next

    • Final regulatory approval of the acquisition
    • Disclosure of the specific terms of the minority equity investment
    • Details on the integration timeline for the Midland Basin assets
    Sources used for this update (7)
    1. WSJ — ONEOK to Buy Brazos Midstream’s Permian Assets for $4.43 Billion
    2. ONEOK, Inc. — ONEOK to Acquire Brazos Midstream's Permian Midland Basin Assets for $4.425 Billion
    3. Bloomberg.com — Apollo to Repackage $9 Billion Oneok Stake Into Debt Deal
    4. Seeking Alpha — ONEOK to buy Permian Basin assets from Brazos Midstream in $4.42B deal (OKE:NYSE)
    5. Latham & Watkins LLP — Latham Advises ONEOK on Minority Equity Investment to Fund Brazos Midstream Acquisition
    6. Fort Worth Report — Fort Worth pipeline firm sells Permian Basin assets for $4.4 billion
    7. simplywall.st — Apollo Global Management (APO) Funds Brazos Deal, Is The Stock Fully Priced?
    confidence 95%
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