ONEOK INC /NEW/ — Form 8-K
Filed August 31, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 18/100
What the filing says
ONEOK Inc. (a $51.1B market cap company) executed a contribution agreement dated August 28, 2026 with Apollo Capital Management (via AP Falcon Holdings LLC) whereby Apollo contributes $9.0 billion in cash for 900 million Class B Units, and ONEOK contributes its operating assets for 6,023,076,923 Class A Units in a newly formed ONEOK Holdings LLC. Proceeds are designated for debt repayment (at least $5 billion within 180 days post-closing). The transaction creates a joint venture with governance rights split between the parties and performance-based distributions favoring Apollo once certain thresholds are met.
Why this rating
Large capital injection ($9B ≈ 0.018% of $51.1B market cap) but structured as equity recapitalization/JV, not M&A or going-concern event. Routine strategic financing from perspective of 50B+ company.
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