OKE ▲ +0.1% - ONEOK, Inc. $OKE APO ONEOK to Acquire Brazos Midstream’s Permian Midland Basin Assets for $4.425B ? • ONEOK agreed to acquire Brazos Midstream’s Permian Midland Basin natural gas gathering and processing assets for $4.425B in cash. • The deal will be funded through a $9B nonvoting minority equity investment from Apollo-managed funds; ONEOK plans to use ~$5B of the proceeds to extinguish existing debt and target ~3.25x pro forma 2027 debt-to-EBITDA without issuing common equity. • The acquisition is expected to be immediately accretive to earnings and free cash flow per share and will more than double ONEOK’s Midland Basin processing capacity to ~2.3 Bcf/d, including plants under construction. ONEOK agreed to acquire Brazos Midstream's Permian Midland Basin assets for $4.425 billion, funded in part through a $9 billion equity investment from Apollo-managed funds. The deal is expected to immediately boost earnings and free cash flow per share while more than doubling the company's Midland Basin processing capacity to 2.3 billion cubic feet per day. Despite the accretive nature of the transaction and strategic expansion, shares rose only marginally, possibly reflecting investor focus on the debt-funded structure and near-term capital deployment priorities. 30-AUG-2026 04:43 PM ET