Reuters U.S. pipeline operator ONEOK said on Wednesday that it struck two deals worth 5.9 billion with infrastructure investor GIP to boost its presence in the Permian Basin as well as midcontinent, North Texas and Louisiana regions.

In the first, ONEOK will buy GIP39;s 43 stake in EnLink Midstream for 14.90 per unit and GIP39;s full interest in EnLink39;s managing member for a total of about 3.3 billion in cash.

The price per unit is a 12.8 premium to EnLink39;s closing market price on Aug. 27.

In the second deal, ONEOK will buy GIP39;s equity interests in Medallion Midstream, a crude gathering and transportation system in the Permian39;s Midland Basin, for 2.6 billion in cash.

We are particularly excited to meaningfully increase our company39;s presence in the Permian Basin, which is expected to continue driving the majority of U.S. oil and gas growth, ONEOK CEO Pierce Norton II said.

The deals, coming a year after ONEOK bought rival Magellan Midstream Partners for 18.8 billion, will boost the Tulsa, Oklahomabased company amid plunging U.S. natural gas prices due to mild weather and high storage levels. Higher volumes helped bolster its profit in the latest quarter.

ONEOK said it expects the two deals to immediately add to its earnings and free cash flow, bolstering its ability to execute its planned 2 billion share repurchase program.

The company also expects synergies between 250 million and 450 million over the next three years as a result of these…