M&As this week: Oneok, IFFCO

Oneok has agreed to acquire the remaining 171.5 million outstanding units of Oneok Partners. The transaction is estimated to be valued at approximately $17.2bn and will involve the transfer of Oneok units to the shareholders of Oneok Partners at a ratio of 0.985:1.

Oneok Partners owns and operates natural gas and natural gas liquids pipelines, and processing and storage facilities.

Upon the completion of the transaction, Oneok will hold 100% stake in Oneok Partners.

Oneok has selected J.P. Morgan Securities and Morgan Stanley & Co. as financial advisors, along with Skadden, Arps, Slate, Meagher & Flom as the legal advisor for the transaction.

Barclays is the financial advisor, while Andrews Kurth Kenyon is the legal advisor to Oneok Partners for the transaction, scheduled for completion in the second quarter of this year.

Indian Farmers Fertiliser Cooperative (IFFCO) has expressed interest to acquire up to 10% stake in Swan LNG Private, a subsidiary of Swan Energy.

Swan LNG Private is developing the floating storage and regasification unit (FSRU)-based LNG terminal in Jafrabad, Gujarat, India. The 5mmtpa terminal is scheduled to go online in 2019.

The LNG project is currently owned by Swan Energy (51%), Exmar NV (38%) and Gujarat State Petronet (11%).