Plains All American Executes Definitive Agreements for C$5.15 Billion Sale of NGL Business to Keyera

Plains All American Pipeline, L.P. and Plains GP Holdings announced on June 17, 2025 that it has executed definitive agreements with Keyera Corp. pursuant to which Plains will sell substantially all of its NGL business to Keyera for a total cash consideration of approximately C$5.15 billion (US$3.75 billion).
 
The transaction is expected to close in the first quarter of 2026, and is subject to customary closing conditions, including regulatory approvals. As a result of the transaction, Plains will divest its Canadian NGL business but will retain substantially all NGL assets in the United States and will also retain all crude oil assets in Canada.
 
Bennett Jones is acting as Canadian counsel to Plains.
 
The Bennett Jones team was led by John Mercury (M&A) and Pat Maguire and included John Lawless, Ashley White, Julia Pasieka, Flutra Kacuri, David Wainer (Corporate and M&A), David Price, Allyson Marta (Employment/Benefits), Zee Derwa, Kolding Larson, Mercy Liu (Competition), Sean Assié, Logan Lazurko (Regulatory), Greg Johnson (Tax) and Denise Bright (Financial Services).

Read the transaction press release.