CALGARY – Keyera Corp. has signed a deal to buy Plains’ Canadian natural gas liquids business, as well as select U.S. assets, for $5.15 billion in cash.
The assets under the deal include 193,000 barrels per day of fractionation capacity, 23 million barrels of storage capacity and over 2,400 kilometres of pipeline infrastructure.
The deal also covers gas processing operations as well as loading and logistics infrastructure, including truck and rail terminals in Canada and the U.S.
Keyera chief executive Dean Setoguchi called it a highly strategic acquisition that strengthens the company’s core business and accelerates growth.
The energy infrastructure company says the combination will provide customers with more reliable and efficient services, and diversified market access.
The deal is expected to close in the first quarter of 2026, subject to customary closing conditions.
This report by The Canadian Press was first published June 18, 2025.
Companies in this story: (TSX:KEY)