Keyera Corp. has successfully finalized the purchase of the Canadian natural gas liquids division from Plains All American Pipeline L.P., despite facing opposition from the federal competition regulator. The acquisition was completed on Tuesday for $5.3 billion, inclusive of closing adjustments.
The Competition Bureau has raised concerns about the deal and has taken legal action by applying to the Competition Tribunal, arguing that it could have negative effects on energy producers and hinder investment. The primary focus of the dispute lies in the competition at Fort Saskatchewan, Alberta, which serves as Canada’s primary natural gas liquids processing center.
Keyera has expressed disagreement with the regulator’s claims and the way the transaction has been portrayed. The company has stated its intention to address these issues through the Competition Tribunal process. Keyera remains confident that the acquisition will enhance competition in the region by establishing a more efficient Canadian competitor with increased connectivity and market access capabilities.
