DT Midstream Acquires Pipelines in $1.2 Billion Deal with ONEOK

DT Midstream, a Detroit-based pipeline owner and operator, has agreed to acquire three interstate natural gas pipeline systems from ONEOK for $1.2 billion in cash. These pipelines, which include the Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission, span approximately 1,300 miles across seven states. The acquisition is part of DT Midstream's strategy to expand its scale and increase revenue from its pipeline segment. The transaction will be financed through $900 million in debt and $300 million in common equity and is expected to close by early 2025 after regulatory approvals. For ONEOK, this deal reflects a strategic portfolio optimization. The agreement comes as part of a broader trend of mergers and acquisitions in the North American midstream sector.