Keyera Corp. successfully finalized the acquisition of Plains All American Pipeline L.P.’s Canadian natural gas liquids business, sealing the deal for $5.3 billion with closing adjustments. Despite facing opposition from the Competition Bureau, which has raised concerns about potential negative impacts on energy producers and investment, the transaction was completed on Tuesday.
The Competition Bureau has taken the matter to the Competition Tribunal, citing worries about competition at the primary natural gas liquids processing center in Fort Saskatchewan, Alberta, located northeast of Edmonton. Keyera has expressed disagreement with the regulator’s claims and description of the deal, vowing to address the issue through the Tribunal process.
Keyera remains optimistic about the acquisition, asserting that it will enhance competition in the region by establishing a more efficient Canadian-based competitor with increased connectivity and market access. The company is confident that the deal will benefit the market despite the regulatory challenge it faces.