Keyera Corp. (TSX: KEY) announced and closed the acquisition of the remaining 50 percent non-operating interest in the KAPS Pipeline from Stonepeak on June 17, 2026, for $1.215 billion. KAPS is a strategic NGL pipeline system connecting Montney and Duvernay condensate and NGL production to high-value downstream markets. Keyera now holds 100% ownership and will continue as operator, with Zone 4 construction on time and on budget toward a mid-2027 in-service date. The deal is expected to be low-single digit accretive to distributable cash flow per share and improves Keyera's fee-based adjusted EBITDA per share CAGR target from 15 percent–17 percent to 16 percent–18 percent between 2025 and 2027. The transaction implies an acquisition multiple of approximately 11x 2029 EBITDA based on currently contracted volumes, with KAPS contracts carrying an average remaining term of roughly 12 years and 75 percent take-or-pay contributions. Financing was structured through existing credit facilities, with repayment planned via a concurrent $525 million bought-deal equity offering and future debt financing. Net debt to adjusted EBITDA is targeted within the 2.5x–3.0x range by 2028. RBC Capital Markets acted as financial advisor to Keyera, with Norton Rose Fulbright Canada LLP and McCarthy Tétrault LLP serving as its legal advisors. Scotia Capital Inc. advised Stonepeak, with Sidley Austin LLP, Stikeman Elliott LLP, and Goodmans LLP acting as Stonepeak's legal counsel.