HedgeCo.Net — ONEOK, Inc. (NYSE: OKE) announced on September 10 that it closed the previously announced $9 billion minority equity investment by funds and affiliates managed by Apollo (NYSE: APO). Apollo invested $9 billion for a nonvoting Class B minority interest in newly formed ONEOK Holdings, L.L.C., a stake the company described as structurally subordinate to company debt, with rating agencies treating the transaction as credit-enhancing. Finviz and Wedbush independently printed the same September 10 close, $9 billion Class B framing, and ONEOK Holdings vehicle.
The August 30 announcement had framed the $9 billion as funding for the $4.425 billion Brazos Midstream Permian Midland acquisition and roughly $5 billion of debt extinguishment, with the Class B IRR capped at 7.0% for the first nine years. Apollo’s AUM was cited at about $1.05 trillion as of June 30, 2026. Coverage of the September 10 print is the equity-investment close, not a same-day confirmation that Brazos itself closed.
This is a closed minority equity check into a midstream HoldCo sleeve, not a control buyout and not proof that every related acquisition closed on the same day. Mark the $9 billion Class B, nonvoting / structurally subordinate economics, rating-agency credit-enhancing language, and the earlier $4.425 billion Brazos / ~$5 billion debt paydown use-of-proceeds as announced. Do not invent a Brazos close date on September 10 or a control premium. The allocator object is large-cap midstream preferred-like private equity behind an investment-grade balance sheet.