ONEOK, Inc. (NYSE: OKE) announced the closing of a $9 billion minority equity investment by funds and affiliates managed by Apollo (NYSE: APO), according to a press release dated Sept. 10, 2026.

Under the terms of the agreement, Apollo received a nonvoting Class B minority interest in a newly formed holding company, ONEOK Holdings, L.L.C., which is structurally subordinate to ONEOK's existing debt.

ONEOK stated that the transaction was reviewed by its credit rating agencies, all of which characterized the deal as credit-enhancing.