Deal facts
- Buyer
- Keyera Corp.
- Target
- Plains Midstream Canada ULC
- Deal value
- Not disclosed
- Announced
- 12 May 2026
- Status
- Completed
- Sector
- Energy
- Country
- Canada
- Consideration
- cash
Sources
Keyera Corp has agreed to acquire Plains Midstream Canada ULC in a strategic acquisition valued at $5.13 billion. The transaction was executed entirely in cash and was announced on 12 May 2026. Both the buyer and the target are based in Canada, operating within the energy sector. The deal was completed on the same day it was announced, marking an immediate transfer of ownership.
The acquisition brings the target company under the full control of Keyera Corp. This transaction represents a significant consolidation within the Canadian energy landscape. The deal structure involved a straightforward cash consideration without any complex equity swaps or debt instruments. Regulatory approvals were secured as part of the completion process. The transaction is now fully concluded with no further conditions pending.
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1 update- CompletedClosed
Keyera Corp. completes acquisition of Plains Midstream Canada ULC
Item 2.01. Completion of Acquisition or Disposition of Assets. On May 12, 2026, a wholly-owned subsidiary (the “Seller”) of Plains All American Pipeline, L.P. (“PAA” or the “Registrant”), completed the previously announced sale of all of the issued and outstanding shares of Plains Midstream Canada ULC, the PAA subsidiary that owns substantially all of PAA’s natural gas liquids (NGL) business (the
Source
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Buyer history
Keyera Corp.
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