ONEOK Secures $9B from Apollo to Fund $4.425B Acquisition and $5B Debt Repayment

ONEOK announced a series of significant strategic transactions, including a $9 billion cash contribution from an Apollo Global Management affiliate, a $4.425 billion acquisition of Brazos Midland, and a plan to repay approximately $5 billion of outstanding debt. The company will also undergo a holding company reorganization to facilitate these transactions.

Key Details

• Capital Contribution: ONEOK entered into a contribution agreement on August 28, 2026, with an Apollo affiliate for a $9 billion cash investment in exchange for Class B Units in a subsidiary, ONEOK Holdings, L.L.C.
• Brazos Midland Acquisition: On August 18, 2026, ONEOK agreed to acquire 100% of Brazos Midland, LLC for an aggregate cash consideration of $4.425 billion. This acquisition will be funded by the proceeds from the Apollo investment.
• Debt Repayment: The company commenced cash tender offers on August 31, 2026, as part of a plan to repurchase or repay approximately $5 billion of its senior debt, also funded by the Apollo investment.
• Corporate Reorganization: ONEOK will implement a holding company structure, with the current publicly traded entity merging into a new subsidiary and a new parent company being renamed "ONEOK, Inc." to serve as the successor issuer.