04:02 AM EST, 11/25/2024 (MT Newswires) -- ONEOK ( OKE ) and EnLink Midstream ( ENLC ) said Sunday they have agreed to a $4.3 billion all-stock merger of the two energy companies.

Under the deal, each common unit of EnLink that ONEOK ( OKE ) does not already own will be converted into 0.1412 ONEOK ( OKE ) common shares.

ONEOK ( OKE ), which already owns 44% of EnLink's units, will issue about 37 million shares in connection with the acquisition, about 6% of total ONEOK ( OKE ) shares outstanding upon consummation of the deal.

The deal, which is expected to be accretive to shareholders, is set to close in Q1.