By Katherine Hamilton

Keyera has agreed to acquire all of Plains All American Pipeline's Canadian natural gas liquids business, as well as select U.S. assets, for $3.75 billion.

Keyera, a Calgary, Alberta-based energy company, said Monday the deal will fully connect its natural gas liquid corridor stretching from western to eastern Canada.

The acquisition, which is set to close in the first quarter of 2026, includes natural gas liquid extraction, fractionation, storage and rail and truck terminals in Alberta, Saskatchewan, Manitoba and Ontario. Keyera estimates the additions will help save about $100 million Canadian dollars ($73.2 million) in near-term annual corporate costs in the first full year after the acquisition.

Plains, which is based in Houston, is divesting its Canadian natural gas liquid business but will retain all NGL assets in the U.S., it said. It is also retaining its crude oil assets in Canada.

It expects to record $3 billion in proceeds after taxes, transaction expenses and potential special distribution. Plains anticipates the deal will provide more financial flexibility and help it focus on its crude oil business.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

June 17, 2025 16:57 ET (20:57 GMT)

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