ONEOK to acquire Brazos Midstream assets in $4.425 billion deal, backed by Apollo investment

ONEOK is acquiring Brazos Midstream's Permian Midland Basin natural gas assets for $4.425 billion. The deal is financed by a $9 billion nonvoting equity investment from Apollo funds, with ONEOK allocating $5 billion to reduce existing debt, including $2 billion through cash tender offers. This transaction expands ONEOK's infrastructure in a key region and strengthens its financial position, pending Q4 2026 regulatory close.