ONEOK, Inc. (OKE) Acquisition of ONEOK Partners, L.P. (OKS)
On June 30, 2017, ONEOK, Inc. (NYSE:OKE) acquired all of the outstanding common units of ONEOK Partners LP (NYSE: OKS) that it did not already own.
Transaction Highlights
- The transaction closed June 30, 2017.
- In general, OKS unitholders received 0.985 shares of OKE common stock for each OKS unit held. However, no fractional shares of OKE common stock were issued. Instead, holders of OKS units received cash in lieu of fractional shares.
- A U.S. holder’s tax basis in any shares of OKE common stock received in the transaction should equal $52.16, the closing OKE share price on June 30, 2017.
- The exchange of OKS units for OKE common stock should be treated as a sale of OKS units in a taxable transaction for U.S. federal income tax purposes.
- OKS unitholders should have received a final K-1 and supporting materials in March 2018.
- Transaction-related documents filed with the SEC are available at www.sec.gov and on ONEOK’s investor relations website at http://ir.oneok.com/.