ONEOK, Magellan Midstream Partners shareholders approve $18.8bn merger
In a landmark decision that’s turning heads in the energy industry, ONEOK, Inc. (NYSE: OKE) and Magellan Midstream Partners, L.P. (NYSE: MMP), two major players in the field, have announced that their respective shareholders and unitholders gave a unanimous nod to their previously announced $18.8 billion merger. The backing by ONEOK shareholders and Magellan Midstream Partners unitholders is a clear testament to their shared vision and confidence in this monumental alliance.
Pierce H. Norton II, the president and CEO of ONEOK, conveyed his elation at the enthusiastic support shown by ONEOK shareholders and Magellan unitholders. He emphasized the merger’s capacity to further their mutual objective of maximizing value for their shareholders. With the significant milestone of approval now behind them, the energy giants are gearing up to finalize the merger on September 25, marking the dawn of an era with unified strengths and goals.
Echoing a similar sentiment, Magellan Midstream Partners’ chief executive officer, Aaron Milford, expressed gratitude towards the investors. He asserted that the synergy with ONEOK not only encapsulates full worth for Magellan Midstream Partners unitholders but also opens doors to stronger growth prospects. The combined prowess of the two firms promises enhanced value generation, a feat Magellan Midstream Partners would have found challenging to accomplish on its own.
Drilling down into the specifics, the ONEOK Special Meeting of Shareholders showcased an overwhelming favor for the collaboration, with about 96% of common shares voted supporting the transaction. On the other hand, Magellan Midstream Partners’ Special Meeting of Unitholders recorded an approval rate of roughly 76%, translating to a staggering 111.2 million units, culminating in 55% of the outstanding units casting their vote in favor of the merger.
With the merger now greenlit, the energy sector is abuzz with anticipation as the industry awaits the combined entity’s next move in shaping the energy landscape.