ONEOK closed a $9 billion minority equity investment from funds and affiliates managed by Apollo on Thursday, September 10, the company said in a press release timed at 4:15 p.m. Eastern Time. AP Falcon Holdings LLC, an Apollo affiliate, contributed $9 billion cash to newly formed ONEOK Holdings, L.L.C. in exchange for 900 million nonvoting Class B units, according to the company and its Form 8-K12B.
ONEOK said the Class B interest is structurally subordinate to the company’s debt and that rating agencies consider the transaction credit-enhancing. The close filing confirms the Closing Date as September 10 and the cash contribution at $9 billion.
Proceeds are intended for the previously announced Brazos Midland acquisition and for extinguishing $5 billion of certain outstanding indebtedness, the 8-K12B said. Those uses remain forward-looking: Brazos has not closed, and the $5 billion debt paydown is not completed. The story is the equity close, not a pending midstream deal.
Sources: ONEOK IR press release (Sep. 10, 2026, 4:15 p.m. ET); ONEOK Form 8-K12B (Closing Date Sep. 10; $9B cash; Class B units).
