US Pipeline Operator ONEOK Inks Two Deals for $5.9 Billion (3)

US pipeline operator ONEOK Inc. agreed to buy a Permian Basin rival and a controlling stake in another company in two transactions valued at a combined $5.9 billion.

ONEOK will acquire Global Infrastructure Partners’ entire interest in EnLink Midstream LLC and also buy GIP’s equity interests in Medallion Midstream, the largest closely held crude gathering and transportation system in the Permian, it said in a statement late Wednesday.

The move expands ONEOK’s presence in the most prolific US oil and gas basin. It’s the latest in a spate of deals in the industry as private equity firms offload assets to ...