ONEOK has executed a definitive agreement with Global Infrastructure Partners under which ONEOK will acquire GIP’s entire interest in EnLink Midstream, for a total cash consideration of approximately $3.3 billion.

ONEOK and GIP also entered into a separate definitive agreement under which ONEOK will acquire from GIP all of the equity interests in Medallion Midstream, the largest privately held crude gathering and transportation system in the Permian’s Midland Basin, for $2.6 billion in cash.

The transactions are highly complementary to ONEOK’s existing Permian NGL and crude infrastructure platform and include 1.7 bcf/d of Permian gas processing capacity and 1.6 mb/d of Permian crude gathering capacity. ONEOK expects to capitalize on its expanded and integrated platforms in the Permian Basin to drive new service offerings for producers in the region.