M&A · Energy · Natural Gas Transmission
ONEOK Inc to acquire EnLink Midstream, LLC
Announced Nov 25, 2024 · Closed Jan 31, 2025
Deal value$4.30BEV $4.30B
Premium—To unaffected price
EV / Adj. EBITDA3.1x0.6x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- ONEOK Inc (OKE)
- Target
- EnLink Midstream, LLC (ENLC)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $4.30B
- Status
- Closed Jan 31, 2025
Deal protections
- Break fee (target pays)
- $144M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs, Barclays, Citigroup
- To the target
- Evercore
Sector context · Energy
- Comparable deals
- 41 in the prior 24 months
- Premium
- Sector median 17.9%
- EV / Adj. EBITDA
- 3.1x vs. 8.2x sector median
- Break fee
- 3.3% vs. 2.9% sector median
Timeline
- AnnouncedNov 25, 2024
- Proxy filedDec 31, 2024
- Definitive proxyDec 31, 2024
- Shareholder voteJan 30, 2025
- ClosedJan 31, 2025
Valuation · fairness opinions
Discounted cash flow$15.42$22.86
Discounted cash flow$13.92$20.08
Discounted cash flow$13.44$21.05
Discounted cash flow$13.64$21.78
Precedent transactions$11.92$18.01
Implied value per EnLink Midstream, LLC share by analysis, from Evercore.