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ONEOK Acquiring Magellan for $19B, Creating Cross-Commodity Midstream Powerhouse

ONEOK (OKE) announced it plans to acquire Magellan (MMP) for $18.8B yesterday, sending midstream analysts scrambling during an otherwise lovely Mother’s Day. The deal will be financed with 63% stock (0.667 OKE shares/MMP unit, $8.1B total) and 37% cash ($25/unit,$5.1B total, debt-financed), and OKE will assume $5.0B of MMP’s existing net debt.

ONEOK Acquiring Magellan

The combination will create the 2nd largest US Midstream company by market cap, and 5th largest by enterprise value behind Energy Transfer (ET), Enterprise (EPD), Kinder Morgan (KMI), and Williams (WMB).

Watch Justin Carlson, CCO at East Daley, break down the data on the MMP and OKE merger in The Energy Data Studio.

 

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The Daley Note

East Daley Analytics' Daley Note provides daily proprietary market commentary on North American oil and gas fundamentals. The Daley Note (TDN), “midstream insights delivered daily,” covers news, commodity prices, security prices, and EDA research likely to affect markets in the short term. The current day’s edition is provided without charge to industry professionals and clients. Subscribe to The Daley Note.