ONEOK and Magellan Midstream Stakeholders Approve $18.8 Billion Merger
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ONEOK and Magellan Midstream Partners said that, at their respective special meetings, ONEOK shareholders and Magellan unitholders approved the merger which was announced in May 2023.
“We are very pleased with the strong support from ONEOK shareholders and Magellan unitholders, which reflects their belief in the power of our combination,” said Pierce Norton II, ONEOK president and chief executive officer.
“Having achieved this important milestone, we look forward to closing on September 25 and moving forward as one company with a continued commitment to creating value for our shareholders,” added Norton.
“We appreciate that investors recognize the combination with ONEOK captures full value for Magellan unitholders and are grateful for their constructive engagement over the past few months,” said Aaron Milford, Magellan chief executive officer.
“Together, we believe the combined company will have stronger growth prospects and generate greater value than Magellan could deliver standalone, and we are excited to be one step closer to uniting our teams,” added Milford.
According to preliminary results of the ONEOK special meeting of shareholders, approximately 96 percent of the common shares voted were in favor of the transaction.
According to preliminary results of the Magellan special meeting of unitholders, approximately 76 percent of the common units voted, or 111.2 million units, were cast in favor of the merger, resulting in 55 percent of outstanding units voting in favor.
The merger remains subject to satisfaction of other customary closing conditions and is anticipated to close before market on Monday, September 25, 2023.
ONEOK is a leading midstream service provider and owns one of the nation’s premier natural gas liquids (NGL) systems, connecting NGL supply in the Rocky Mountain, Permian, and Mid-Continent regions with key market centers and owns an extensive network of gathering, processing, fractionation, transportation, and storage assets.
Magellan Midstream Partners primarily transports, stores, and distributes refined petroleum products and crude oil. Magellan owns the longest refined petroleum products pipeline system in the country, with access to nearly 50 percent of the nation’s refining capacity, and can store more than 100 million barrels of petroleum products such as gasoline, diesel fuel, and crude oil.
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