Summary
ONEOK, Inc. (OKE) has announced the successful acquisition of Northern Plains Natural Gas Company, a significant move that positions the company to operate over $2.5 billion in natural gas assets. This acquisition includes a controlling interest in the general partner of Northern Border Partners, L.P., along with a substantial limited partnership stake. This transaction is expected to enhance ONEOK's presence in the natural gas midstream sector, particularly in the region spanning from the Canadian border and Rockies to the upper Midwest.
Key Highlights
- 1ONEOK, Inc. acquired Northern Plains Natural Gas Company on November 16, 2004.
- 2The acquisition cost was $175 million.
- 3Northern Plains Natural Gas Company holds an 82.5% interest in the general partner of Northern Border Partners, L.P.
- 4ONEOK also acquired 500,000 limited partnership units in Northern Border Partners, L.P.
- 5This transaction represents a 2.73% ownership interest in Northern Border Partners, L.P.
- 6ONEOK will now operate over $2.5 billion in primarily natural gas assets.
- 7The acquired assets include interstate and gathering pipelines, and processing plants in the upper Midwest and Rockies region.