Natural gas company ONEOK Inc. (NYSE: OKE) said it is separating its natural gas distribution unit into a standalone publicly traded company named ONE Gas.
ONE Gas will serve more than 2 million customers in three states once the transaction is completed in 2014. The new business will consist of Oklahoma Natural Gas Co., Kansas Gas Service and Texas Gas Service, and it will be headquartered in Tulsa, Okla. The company will use the New York Stock Exchange ticker symbol OGS.
When the deal is completed, ONEOK will continue to hold its interests in ONEOK Partners LP (NYSE: OKS), including the sole general partner interest and limited partner interests.
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