ONEOK Bets $4.4B on Brazos as Apollo Injects $9B for Permian Growth

ONEOK (OKE) agreed to acquire Brazos Midstream’s Permian (Midland Basin) natural gas gathering and processing assets for $4.425B, plus a $9B minority equity investment from Apollo-managed funds and affiliates. The deal expands OKE’s Permian footprint and processing capabilities, which should be supportive for long-term cash flow growth. Overall, investors may view the transaction as strategically positive given the scale of committed capital.