ONEOK Inc., a US-based pipeline operator, announced Sunday it will acquire the remaining shares of EnLink Midstream in a $4.3 billion all-stock deal. The move aims to strengthen ONEOK’s position in the Permian Basin and capitalize on the ongoing consolidation in the U.S. energy sector.

In August, ONEOK secured a 43% controlling interest in EnLink from Global Infrastructure Partners for approximately $3.3 billion. The latest deal involves offering 0.1412 shares of ONEOK common stock for each EnLink unit.

Based on recent closing prices, the deal values EnLink at roughly $7.6 billion, representing a premium of about 5% over EnLink’s Friday closing price.

The U.S. pipeline and storage sector has become increasingly attractive for mergers and acquisitions as oil and gas producers consolidate and regulatory hurdles for new infrastructure projects persist.