Keyera Completes Acquisition of Plains' Canadian Natural Gas Liquids Business for $5.3B

Keyera Corp. (KEYUF) announced the closing of its previously announced acquisition of substantially all of Plains' (PAA) Canadian natural gas liquids business for $5.3B including closing adjustments. The 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. The company said, " As 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 response to the application, after which the Commissioner will have an opportunity to reply. The Competition Tribunal will then establish the schedule for the proceeding. While timelines may vary depending on the nature and complexity of the matter, proceedings before the Competition Tribunal can extend over a number of months. Keyera remains confident in both the strength of its defense and the strategic and financial merits of the Transaction."