Business
Keyera Announces Closing of Acquisition of Plains' Canadian NGL Business
Keyera Announces Closing of Acquisition of Plains' Canadian NGL Business Canada NewsWire ...
About this update from Keyera Corp.
[{"type":"text","content":"\n\n\nKeyera Announces Closing of Acquisition of Plains' Canadian NGL Business\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCanada NewsWire\n\n\nCALGARY, AB, May 12, 2026 /CNW/ - Keyera Corp. (TSX: KEY) (\"Keyera\" or the \"Company\") today announced the closing of its previously announced acquisition of substantially all of Plains' Canadian natural gas liquids (\"NGL\") business (the \"Transaction\") for $5.3 billion including closing adjustments.\"This is a significant milestone for Keyera and marks the successful completion of a highly strategic transaction,\" said Dean Setoguchi, President and Chief Executive Officer. \"The acquired assets are highly complementary to our existing platform and directly aligned with our strategy of strengthening and extending our integrated NGL value chain. The combined platform enhances connectivity across the basin and provides customers with improved access to markets, greater flexibility and increased reliability. We remain highly confident in the strategic merits of this transaction and our position that it strengthens competition and improves outcomes for customers.\"Closing DetailsThe Transaction closed in its entirety on May 12, 2026.The Transaction was funded through previously issued subscription receipts, cash on hand and previously issued debt financing.Upon closing, each outstanding subscription receipt was automatically converted, without additional consideration, into one Keyera common share in accordance with its terms.Competition Tribunal ProcessAs previously disclosed, the Commissioner of Competition has filed an application with the Competition Tribunal in connection with the Transaction.Keyera disagrees with the Commissioner's assertions and characterization of the Transaction and intends to respond through the Competition Tribunal process. The Company remains confident that the Transaction strengthens competition across the basin by creating a more efficient Canadian-based competitor with expanded connectivity and market access capabilities.Under the Competition Tribunal process, Keyera has 45 days to file its r...