ONEOK (OKE) announced it plans to acquire Magellan (MMP) for $18.8B yesterday, sending midstream analysts scrambling during an otherwise lovely Mother’s Day. The deal will be financed with 63% stock (0.667 OKE shares/MMP unit, $8.1B total) and 37% cash ($25/unit,$5.1B total, debt-financed), and OKE will assume $5.0B of MMP’s existing net debt.