Magellan Midstream Partners L P
- Magellan Midstream Partners LP jumped 13.6% to $63.04 after the company agreed to be acquired by OneOk, Inc for about $18.8 billion.
OneOk, Inc declined 8.5% to $58.18.
OneOk agreed to pay $25.0 in cash and 0.6670 shares of ONEOK common stock for each outstanding Magellan common unit, representing a current implied value to each Magellan unitholder of $67.50 per unit, a 22% premium, based on May 12 closing prices.
The transaction is expected to be earnings per share accretive beginning in 2024 with EPS accretion of 3% to 7% per year from 2025 through 2027, and free cash flow per share accretion averaging more than 20% from 2024 through 2027.
The combined company is estimated to generate an average annual $1.0 billion in free cash flow in the first four years following the close of the transaction.
May 15, 2023
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