Oneok to Buy the Rest of Oneok Partners in $9.3 Billion Deal

Oneok Inc. agreed to acquire the remainder of Oneok Partners LP it doesn’t already own for $9.3 billion in stock, becoming the latest energy pipeline operator to simplify its corporate structure.

Under the transaction, each common unit of Oneok Partners will be converted into 0.985 shares of Oneok stock, a 22.4 percent premium to the closing share price on Jan. 27, the company said in a statement Feb. 1. The deal is expected to close in the second quarter of 2017.

The natural gas processor joins other companies that have streamlined their corporate model as the era of explosive growth in America’s shale ...