Amid attention-grabbing transboundary pipeline projects such as the re-opening of the Kirkuk-Ceyhan Oil Pipeline or the to be constructed Igdir-Nakhchivan gas pipeline from Azerbaijan to Turkey, ONEOK, an American diversified corporation focused primarily on the natural gas industry and headquartered in Tulsa, Oklahoma, has without fanfare acquired Magellan Midstream Partners for $18.8 billion, creating one of the largest U.S. energy pipeline companies.

The sale had come under scrutiny with one of the top holders in Magellan, Energy Income Partners LLC, saying in June that it would vote against the deal, due to a burdensome tax structure.

But independent proxy advisory firms Glass Lewis & Co and ISS had recommended a vote in favor of the sale.

Indeed unit holders backed Magellan management, which argued the deal offered a sizable premium to unit holders and would create a more diversified and stable business.

In a news release, the companies said that preliminary results of the Magellan Special Meeting of Unitholders, showed that approximately 76% of the common units voted, or 111.2 million units, were cast in favor of the merger. That resulted in 55% of outstanding units voting in favor. Oneok holders overwhelmingly backed the transaction.

The merger needed the approval of a majority of the Magellan outstanding units, and the company narrowly cleared that hurdle with 55% of the units approving the deal. A non-vote effectively amounted to a no vote.

Magellan overcame opposition from one large institutional holder, Energy Income Partners, which held 3% of the units.