ONEOK board OKs natural gas distribution spinoff for Jan. 31

|By:, SA News Editor

ONEOK (OKE) confirms it will spin off its natural gas distribution business ONE Gas at the end of this month, when shares of the new company are distributed to OKE shareholders, after a vote from its board of directors.

Shares of One Gas are expected to begin trading Feb. 3 on the NYSE under the ticker symbol OGS.

John Gibson, who has run OKE and ONEOK Partners (OKS) for seven years, will retire with the spinoff; as previously announced, Terry Spencer will take over as president of OKE while Pierce Norton will be CEO of ONE Gas.