M&A Deal Summary

ONEOK Acquires Magellan

On May 14, 2023, ONEOK acquired energy services and equipment company Magellan for 18.8B USD

Acquisition Highlights
  • This is ONEOK’s 2nd transaction in the Energy Services and Equipment sector.
  • This is ONEOK’s largest (disclosed) transaction.
  • This is ONEOK’s 2nd transaction in the United States.
  • This is ONEOK’s 2nd transaction in Oklahoma.

M&A Deal Summary
Date 2023-05-14
Target Magellan
Sector Energy Services and Equipment
Buyer(s) ONEOK
Deal Type Merger
Deal Value 18.8B USD
Advisor(s) Morgan Stanley (Financial)
Latham & Watkins
Richards, Layton & Finger (Legal)

Target

Magellan

Tulsa, Oklahoma, United States
Magellan office in Superior, Wisconsin.
Magellan office in Superior, Wisconsin.
Magellan is a partnership that primarily transports, stores, and distributes refined petroleum products and crude oil. It owns a refined petroleum products pipeline system with access to nearly 50% of the nation's refining capacity and can store more than 100 million barrels of petroleum products such as gasoline, diesel fuel, and crude oil. Magellan was founded in 2000 and is based in Tulsa, Oklahoma.

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Buyer(S) 1

Buyer

ONEOK

Tulsa, Oklahoma, United States
Category Company
Founded 1906
Sector Energy Services and Equipment
Employees4,775
Revenue 17.7B USD (2023)
DESCRIPTION
ONEOK's corporate headquarters in Tulsa, Oklahoma.
ONEOK's corporate headquarters in Tulsa, Oklahoma.

ONEOK gathers, processes, stores, and transports natural gas in the US. The Company also owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent and Rocky Mountain regions with a variety of market centers. ONEOK was formed in 1906 and is based in Tulsa, Oklahoma.

DEAL STATS #
Overall 2 of 5
Sector (Energy Services and Equipment) 2 of 4
Type (Merger) 2 of 3
State (Oklahoma) 2 of 2
Country (United States) 2 of 5
Year (2023) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-01 ONEOK Partners

Tulsa, Oklahoma, United States

ONEOK Partners, L.P. is a publicly traded limited partnerships in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting much of the natural gas and NGL supply in the Mid-Continent with key market centers.

Buy $17.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-13 Easton Energy - Gulf Coast NGL Pipelines

Houston, Texas, United States

Easton Energy's Gulf Coast NGL Pipelines includes approximately 450 miles of NGL pipelines located in the strategic Gulf Coast market centers for NGLs, refined products, and crude oil. Easton Energy's Gulf Coast NGL Pipelines is based in Houston, Texas.

Buy $280M
Mergr

Product

Company

Legal