M&A Deal Summary

ONEOK Acquires Medallion Midstream

On October 31, 2024, ONEOK acquired oil/gas exploration company Medallion Midstream from Global Infrastructure Partners for 2.6B USD

Acquisition Highlights
  • This is ONEOK’s 1st transaction in the Oil/Gas Exploration sector.
  • This is ONEOK’s 3rd largest (disclosed) transaction.
  • This is ONEOK’s 4th transaction in the United States.
  • This is ONEOK’s 2nd transaction in Texas.

M&A Deal Summary

Date 2024-10-31
Target Medallion Midstream
Sector Oil/Gas Exploration
Buyer(s) ONEOK
Sellers(s) Global Infrastructure Partners
Deal Type Add-on Acquisition
Deal Value 2.6B USD

Target

Medallion Midstream

Irving, Texas, United States
Medallion Midstream provides a broad range of midstream solutions, including crude oil gathering, transportation and storage, as well as natural gas gathering, processing and treating. Medallion Midstream is based in Irving, Texas.

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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 4 of 4
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Texas) 2 of 2
Country (United States) 4 of 4
Year (2024) 2 of 2
Size (of disclosed) 3 of 4
PREVIOUS 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

Seller(S) 1

SELLER

Global Infrastructure Partners

Investor Investor Investor Investor Investor


Category Infrastructure
Founded 2007
PE ASSETS 115.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Global Infrastructure Partners (GIP) is a global investment firm that invests in infrastructure assets worldwide. GIP looks to work in partnership with the public sector and other stakeholders to improve infrastructure for the community by drawing on its global capability and applying industrial best practices to enhance operating efficiencies. The Firm focuses on larger scale investments in assets that provide essential services, have high barriers to entry and offer significant governance positions. GIP primarily targets opportunities in OECD countries, while maintaining a global perspective and the flexibility to pursue assets with the potential for attractive risk-adjusted returns in selected non-OECD countries. Global Infrastructure Partners was established in 2007 and is headquartered in New York, New York.


DEAL STATS #
Overall 6 of 6
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Texas) 1 of 1
Country (United States) 2 of 2
Year (2024) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-21 GasLog

Piraeus, Greece

GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog's consolidated fleet consists of 27 LNG carriers (21 ships on the water and 6 on order). GasLog was founded in 2003 and is based in Piraeus, Greece.

Sell -