A major US pipeline company ONEOK Inc., has agreed to acquire a Permian Basin rival, and a significant stake in a separate company in a combined transaction of $5.9 billion. 

The multi-billion transaction will see ONEOK Inc. acquire all interests of Global Infrastructure Partners in EnLink Midstream LLC, according to a statement issued by the company late Wednesday. 

The company will also purchase Global Infrastructure Partners' equity interests in Medallion Midstream, a major, closely held crude oil gathering and transportation system in the Permian Basin. 

ONEOK’s move is the latest in an ongoing wave of asset sales by private equity firms to corporate buyers, with the transaction expected to be finalized in the last quarter of 2024. 

The ongoing asset sale comes as operators of gas and oil assets look to scale up their operations while cash-flush fossil fuel corporations look to upgrade their drilling inventory.