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Kinder Morgan will pay $1.82 billion for the natural gas pipeline portfolio of NextEra Energy Partners in Texas.
Magellan Midstream investor Energy Income Partners had campaigned against the merger with ONEOK.
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. Independent proxy advisory firms Glass Lewis & Co and ISS had recommended a vote in favor of the sale. Magellan, in its proxy, cautions that the merger is not conditioned on the compensation vote and that if the acquisition is approved, the executive compensation is payable.
ALPS Advisors, which runs a big ETF, backs Magellan's deal with Oneok but many retail investors oppose it. The vote is Thursday.