Latham & Watkins Advises Magellan Midstream Partners in US$18.8 Billion Acquisition by ONEOK

ONEOK, Inc. (NYSE: OKE) and Magellan Midstream Partners, L.P. (NYSE: MMP) have announced that they have executed a definitive merger agreement under which ONEOK will acquire all outstanding units of Magellan in a cash-and-stock transaction valued at approximately US$18.8 billion including assumed debt, resulting in a combined company with a total enterprise value of US$60.0 billion. The consideration will consist of US$25.00 in cash and 0.6670 shares of ONEOK common stock for each outstanding Magellan common unit, representing a current implied value to each Magellan unitholder of US$67.50 per unit, for a 22% premium, based on May 12, 2023, closing prices.

Latham & Watkins LLP represents Magellan Midstream Partners in the transaction with a corporate deal team led by Houston partners Ryan Maierson and Kevin Richardson, with associates Denny Lee, Ben Marek, Molly Elkins, and Justin Reinking. Advice was also provided on executive compensation, employment, and benefits by Washington, D.C. partner David Della Rocca and Washington, D.C. counsel Laura Szarmach, with associate Bryce Williamson; on antitrust matters by Washington, D.C. partner Jason Cruise, with associates Caitlin Fitzpatrick and Ivy Ziedrich; on tax matters by Houston partner Tim Fenn and Bryant Lee, with associates Mike Rowe and Dylan White; on environmental matters by Los Angeles/Houston partner Joshua Marnitz, with associate Joseph Kmetz; on energy regulatory matters by Washington, D.C. partner Patrick Nevins; and on finance matters by Houston partner Craig Kornreich, with associates Max Fin and Michael Basist.