04:18 AM EDT, 08/29/2024 (MT Newswires) -- ONEOK ( OKE ) said late Wednesday it reached two deals with Global Infrastructure Partners, totaling $5.9 billion, to expand its footprint in the Mid-Continent region, north Texas and Louisiana.

ONEOK ( OKE ) will acquire Global Infrastructure Partners' 43% stake in EnLink Midstream ( ENLC ) for $14.90 per unit and 100% of the interests in the managing member for $300 million for aggregate cash consideration of about $3.3 billion.

It has also agreed to purchase Global Infrastructure Partners' full equity interests in Medallion Midstream for $2.6 billion, including potential consideration to acquire remaining interests in a Medallion joint venture, the company said.

The company said the acquisitions will be immediately accretive to earnings and free cash flow per share, with expected annual synergies of about $250 million to $450 million within three years.

ONEOK ( OKE ) has secured up to $6 billion in financing from JPMorgan Chase and Goldman Sachs for the transactions, which are expected to close in early Q4.

After the deal, ONEOK ( OKE ) plans to replace EnLink board members designated by GIP with new board members, the company said.

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