Apollo and Investors Commit to $9 Billion Minority Equity Investment in ONEOK

Paul, Weiss is advising investors in connection with a $9 billion nonvoting minority equity investment, led by Apollo-managed funds and affiliates, in ONEOK, Inc., one of the largest integrated energy infrastructure companies in North America. The minority equity investment will fund ONEOK’s $4.425 billion acquisition of Brazos Midstream’s Permian Midland Basin natural gas gathering and processing assets. The acquisition more than doubles ONEOK’s Midland Basin processing capacity and establishes one of the Midland Basin’s largest integrated natural gas gathering and processing platforms. ONEOK intends to use $5 billion of proceeds from the equity investment to reduce ONEOK’s existing debt.
 
The Paul, Weiss team is led by corporate partners Joseph Glatt, Luke Jennings, Hilary Christian and Parker Hinman, and includes partners Gregory Ezring, Matthew Merkle, Neel Sachdev, Alena Thomas, Sean Wheeler, Robert Zochowski, Nick Schwartz, David Sobel, Nadeem Waeen and Elizabeth Scherer; tax partners Brad Okun and Sohail Itani; and executive compensation counsel Jake Glazeski.