Summary
ONEOK Inc. (OKE) has announced a significant acquisition through four Purchase Agreements entered into on May 9, 2005, with subsidiaries and an affiliate of Koch Industries, Inc. The company plans to acquire Koch's natural gas liquids (NGL) businesses for an aggregate purchase price of approximately $1.35 billion. This strategic move is expected to expand ONEOK's NGL operations and market presence.
Key Highlights
- 1ONEOK to acquire Koch Industries' natural gas liquids (NGL) businesses.
- 2Aggregate purchase price is approximately $1.35 billion.
- 3Acquisition includes Koch's mid-continent NGL business unit, additional mid-continent NGL assets, an 80% interest in the Mont Belvieu I NGL fractionation facility, and a 10.1765% membership interest in Venice Energy Services Company.
- 4The transaction involves acquiring membership interests and capital stock from various Koch entities.
- 5Purchase price is subject to customary adjustments at closing.
- 6Agreements include standard representations, warranties, covenants, indemnifications, and conditions to closing.