ONEOK (OKE) agreed to acquire the remaining shares of midstream energy services company EnLink Midstream (ENLC) in an all-stock deal worth $4.3 billion.

Under the terms of the deal, ONEOK will offer 0.1412 of its common shares for each remaining outstanding unit of EnLink, equivalent to $15.75 apiece, the companies said in a joint Sunday statement. In aggregate, the midstream operator will issue about 37 million shares related to the deal, representing roughly 6% of its outstanding shares.

ONEOK shares were up 0.8% in Monday's premarket activity, while EnLink gained 1.3%.

The transaction, which requires approval from a majority of EnLink's unitholders, including units owned by ONEOK, is expected to be completed in the first quarter of 2025. ONEOK has committed to vote its units, representing about 44% of EnLink, in favor of the deal.

In October, ONEOK completed its purchase of Global Infrastructure Partners' controlling interest in EnLink for about $3.3 billion in cash to expand its asset footprint in the Permian Basin, Midcontinent, North Texas and Louisiana. The transaction consisted of 43% of EnLink's outstanding common units.

"ONEOK has a longstanding reputation as being intentional in building a premier energy infrastructure company," ONEOK Chief Executive Pierce Norton II said in the Sunday statement. "This next step further solidifies that status, allowing us to continue expanding and extending our value chain, while creating value for our stakeholders."

The tax-free deal is anticipated to be accretive to ONEOK's shareholders and provide EnLink unitholders with "significantly greater trading liquidity and an attractive dividend yield," according to the CEO.

Last week, ONEOK agreed to sell its portfolio of three natural gas transmission pipelines in the US to DT Midstream (DTM) for $1.2 billion in cash. At the end of last month, ONEOK completed its acquisition of Medallion Midstream from Global Infrastructure Partners for roughly $2.6 billion in cash.