Topeka, KS-based Western Resources Inc. said it is planning to sell its $960 million stake in Tulsa-based Oneok. Western subsidiary Westar Industries has engaged JP Morgan to advise it in the sale of 4.7 million shares of Oneok common stock and preferred stock that is convertible into 39.9 million additional shares of Oneok common stock, representing about 44.5% of total Oneok shares. Oneok is a midstream gas transporter in the Midcontinent region and the largest natural gas distributor in Kansas and Oklahoma, operating as Kansas Gas Service and Oklahoma Natural Gas, which serve 1.4 million customers. Western Resources has total assets of $6.6 billion, including security company Protection One and electric utility Westar Energy, which serves 640,000 customers in Kansas.
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Topeka, KS-based Western Resources Inc. said it is planning to sell its $960 million stake in Tulsa-based Oneok. Western subsidiary Westar Industries has engaged JP Morgan to advise it in the sale of 4.7 million shares of Oneok common stock and preferred stock that is convertible into 39.9 million additional shares of Oneok common stock, representing about 44.5% of total Oneok shares. Oneok is a midstream gas transporter in the Midcontinent region and the largest natural gas distributor in Kansas and Oklahoma, operating as Kansas Gas Service and Oklahoma Natural Gas, which serve 1.4 million customers. Western Resources has total assets of $6.6 billion, including security company Protection One and electric utility Westar Energy, which serves 640,000 customers in Kansas.
Western Buys Into Direct Marketing Firm
Western Resources of Topeka, KS, acquired a 40% interest innational direct marketer Paradigm Direct for $31.2 million. “Thisstrategic transaction provides an excellent opportunity to bridgeour customer bases. Over the past few years we set a course todramatically expand Western Resources’ national footprint. WithParadigm’s marketing expertise, we are positioned to increase theservices we provide these customers and do so efficiently,” saidDavid C. Wittig, Western Resources CEO.
WRI, KCP&L Merger Set For Hearing
FERC last week put off making a final decision on the merger ofTopeka, KS-based Western Resources Inc. and Kansas City Power &Light (KCP&L), citing potential competitive concerns. It set theproposed combination of the Midwest electric utilities for anevidentiary hearing on issues involving market power and customerprotection.
