Keyera Corp. has successfully finalized the acquisition of Plains All American Pipeline L.P.’s Canadian natural gas liquids business for $5.3 billion, inclusive of closing adjustments. The Competition Bureau has raised concerns about the deal potentially harming energy producers and impeding investment, leading to a challenge at the Competition Tribunal.
The focal point of contention revolves around competition at Fort Saskatchewan, Alberta, a crucial natural gas liquids processing hub in Canada. Keyera has contested the regulator’s claims and the portrayal of the transaction, vowing to address the issues through the Competition Tribunal procedure.
Keyera remains optimistic about the transaction, asserting that it enhances competition in the region by establishing a more efficient Canadian competitor with broader connectivity and market access capabilities. The company stands firm in its belief that the acquisition will bolster competition and benefit the overall market landscape.