Flash FinanceUS
Pre-market S&P 5007,376.86+0.31% Nasdaq24,579.42+1.09% Dow 3051,285.73-0.46% Russell 20002,754.11+0.89% Nasdaq-10026,989.99+1.35% MidCap 4003,602.50+0.56% SmallCap 6001,673.98+0.05% VIX25.64-9.01% 10Y Yield4.86+0.45% Close of Nov 06, 2026
AI brief of an SEC Form 8-K · Oneok (OKE)

ONEOK to buy Brazos Midland assets for $4.425B; Apollo to invest $9B

Mixed Impact 4 of 5 m&a Written later

ONEOK agreed to acquire Brazos Midstream's Permian Midland Basin assets for $4.425 billion in cash and signed a contribution agreement with an Apollo affiliate for a $9 billion minority equity investment. ONEOK says the deal reduces debt by about $5 billion and lowers expected pro forma 2027 leverage to about 3.25 times debt-to-EBITDA, but the Apollo investment carries a Class B return and distribution rights that will affect cash flow available to common shareholders.

Key points

  • Brazos Midland acquisition for $4.425 billion in cash, expected to close in the fourth quarter of 2026, subject to Hart-Scott-Rodino clearance.
  • Apollo investment of $9 billion for a Class B interest in ONEOK Holdings, with a 7.0% IRR cap for the first nine years; expected to close in the first half of September 2026.
  • About $5 billion of debt to be extinguished, with a tender offer capped at $2 billion, an early tender deadline of September 14, 2026 and an expiration of September 29, 2026.

The filing

CompanyOneok (OKE)
Form8-K, current report
Filed with the SECAug 31, 2026, 5:09 PM ET
Accession number0001193125-26-377023

Items reported: 1.01 Material Definitive Agreement3.02 Unregistered Equity Sale7.01 Regulation FD Disclosure8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 31, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.