ONEOK, Inc. (NYSE:OKE) today announced that it has executed a definitive agreement to acquire Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets for total cash consideration of $4.425 billion. The acquisition will be funded through a $9 billion nonvoting minority equity investment from funds and affiliates managed by Apollo (NYSE:APO) (Apollo). ONEOK intends to use $5 billion of proceeds from the equity investment to reduce ONEOK's existing indebtedness.

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