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Keyera Corp. announced on June 17, 2025, that it has entered into a definitive agreement to acquire substantially all of Plains All American Pipeline’s Canadian natural gas liquids (NGL) business, along with select U.S. assets, for a total consideration of CAD $5.15 billion. This transformative acquisition significantly expands Keyera’s integrated NGL infrastructure, enhancing its presence from western to eastern Canada. The deal brings under Canadian ownership a robust portfolio of NGL assets including extraction, fractionation, storage, pipelines, and terminalling infrastructure located in Alberta, Saskatchewan, Manitoba, and Ontario.
The acquisition supports Canada’s energy infrastructure by reinforcing energy security, promoting economic resilience, and enabling greater market access for NGL products like ethane, propane, butane, and condensate.
It has been approved by Keyera's board and is expected to close in Q1 2026, pending regulatory approvals.
Parties
Company
Keyera Corp.
Company
Plains All American Pipeline
Deal Type
Merger & AcquisitionIndustry
EnergyTransaction
$ 5,150,000,000Deal Status
ActiveClosing Date