Despite recent gains, ONEOK still warrants a marginal 'buy' rating due to expected synergies and significant cash flows from recent acquisitions. Read more here.

The deal is subject to the approval of a majority of the outstanding EnLink common units and other customary closing conditions.

Oneok shares will be used to acquire all of the outstanding publicly held units of EnLink Midstream for $4.3 billion.

US pipeline operator Oneok Inc. will acquire the common units of EnLink Midstream LLC it doesn’t own for $4.3 billion, according to a statement.

EnLink Midstream, LLC (NYSE:ENLC) shares traded higher premarket on Monday after it disclosed a merger deal with ONEOK, Inc. (NYSE:OKE) for $4.3 billion. As per the deal, each EnLink common unit not owned by ONEOK will be exchanged for 0.

EnLink Midstream previously bought Houston-based Crestwood Equity Partners LP’s Barnett Shale assets for $275 million. Crestwood was later acquired by Dallas-based Energy Transfer LP (NYSE: ET) for $7.1 billion.

ONEOK, Inc. OKE announced that it has signed a definitive merger agreement, under which it will acquire all of the outstanding publicly held common units of EnLink Midstream ENLC for $4.3 billion in ONEOK common stock.