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Magellan Midstream Soars on Takeout Deal

publication date: May 17, 2023
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Image: Magellan Midstream Partners soars on a takeout offer from ONEOK, Inc. 

We’re as happy as we can be to see a midstream energy master limited partnership (MLP) takeout. On Sunday, May 14, it was publicly announced that Magellan Midstream would be bought by ONEOK, Inc. in a cash and stock deal worth ~$18.8 billion including assumed debt. According to the deal terms, the transaction would give $25 per share in cash and 0.667 common share of ONEOK for each MMP common unit. Though many are questioning the rationale behind the deal, energy infrastructure rollups continue to reduce the number of energy MLPs trading on public markets, as we predicted years ago.


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