On May 12, 2026, Keyera Corp. completed its acquisition of substantially all of Plains All American Pipeline's Canadian natural gas liquids business, along with select U.S. assets, from Plains Midstream Canada ULC, for a total purchase price of $5.3 billion including closing adjustments. The acquisition significantly expands Keyera's liquids infrastructure platform, extending its integrated NGL value chain from western to eastern Canada and bringing key Canadian NGL infrastructure under Canadian ownership. The acquired portfolio includes large-scale NGL extraction, fractionation, storage, pipeline, and terminalling infrastructure. Keyera expects approximately $100 million in annual run-rate synergies from combining its and Plains' gathering, fractionation, and storage operations.

The parties had entered into a definitive agreement for the transaction on June 17, 2025, at an initially announced value of $5.15 billion. To help finance the acquisition, Keyera completed a $2.07 billion bought-deal offering of subscription receipts on June 20, 2025, alongside committed debt financing. The purchase price was funded in part by the subscription receipt proceeds, available cash, and debt financing. On closing, subscription receipt holders automatically converted their receipts into Keyera common shares.