ONEOK Acquires Brazos Midstream's Permian Midland Basin Assets, Receives $9 Billion Equity Investment from Apollo Funds

ONEOK, Inc. is set to acquire Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets for $4.425 billion with a $9 billion minority equity investment from Apollo. The move will immediately accrete to earnings and free cash flow per share and accelerate deleveraging to 3.25x debt-to-EBITDA without issuing common equity.