ONEOK Buys Brazos Assets for $4.425 Billion with Apollo Investment

ONEOK, Inc. has signed an agreement to acquire Brazos Midstream's natural gas gathering and processing assets in the Permian Midland Basin for approximately $4.425 billion in cash.

The acquisition is part of ONEOK's strategy to expand its integrated energy infrastructure and strengthen its position across the natural gas and NGL value chain.

ONEOK will also receive a $9 billion nonvoting minority equity investment from funds and affiliates managed by Apollo, which it plans to use to reduce its existing debt by around $5 billion.

The acquired system covers approximately 600,000 dedicated acres under long-term, fixed-fee contracts, with a weighted average remaining contract term exceeding 12 years.