ONEOK to buy Brazos assets for $4.425 billion with Apollo equity investment

ONEOK agreed to acquire Brazos Midstream’s Permian Midland Basin assets for $4.425 billion, funded through a $9 billion nonvoting minority equity investment from Apollo affiliates expected to close in the first half of September 2026. ONEOK plans to use $5 billion of the proceeds to repay debt, including up to $2 billion in cash tender offers for 20 note series, with the acquisition expected to close in the fourth quarter of 2026 subject to regulatory clearance. The company expects the transactions to reduce pro forma 2027 leverage to about 3.25 times debt-to-EBITDA and be immediately accretive to earnings and free cash flow per share.