ONEOK, Inc. (NYSE:OKE) has agreed to acquire Brazos Midstream's Permian Midland Basin assets for $4.425 billion in cash. The acquisition will be funded by a $9 billion non-voting minority equity investment from Apollo-managed funds, which will also support approximately $5 billion of debt extinguishment. The minority investor's internal rate of return (IRR) is capped at 7.0% for nine years. ONEOK expects the acquisition to be immediately accretive to earnings per share and projects pro forma 2027 leverage to decline to approximately 3.25 times debt-to-EBITDA without common-share issuance. This deal more than doubles ONEOK's Midland Basin processing capacity to about 2.3 billion cubic feet per day.