Oklahoma pipeline company ONEOK will acquire Magellan Midstream Partners in $18.8 billion deal
ONEOK primarily deals with natural gas pipelines, while Magellan Midstream Partners mostly works with crude oil transportation. The newly combined company will do both.
The $18.8 billion dollar deal will result in an enterprise worth roughly $60 billion.
"We are excited about the future of our combined companies and look forward to welcoming Magellan's well-respected employees to ONEOK," Pierce H. Norton II, ONEOK president and chief executive officer, said in a press release.
Combined, ONEOK and Magellan have more than 25,000 miles of liquid pipeline with a heavy presence in the middle of the country.
Both are based in Tulsa and combined have thousands of employees. The deal is anticipated to close later this year.