Keyera Corp. has successfully finalized its acquisition of Plains All American Pipeline L.P.’s Canadian natural gas liquids business, despite facing opposition from the federal Competition Bureau. The transaction, valued at $5.3 billion with closing adjustments, was completed on Tuesday.
The Competition Bureau has raised concerns about the deal potentially harming energy producers and impeding investment. The main focus of contention is the competition within Fort Saskatchewan, Alberta, a pivotal natural gas liquids processing hub in Canada, situated northeast of Edmonton.
Keyera has expressed disagreement with the regulator’s allegations and description of the deal. The company plans to address these concerns through the Competition Tribunal process. Keyera remains optimistic about the acquisition, emphasizing that it will enhance competition in the region by establishing a more efficient Canadian competitor with improved connectivity and market access capabilities.
