Keyera Corp. has successfully finalized the acquisition of the Canadian natural gas liquids division of Plains All American Pipeline L.P. for $5.3 billion, inclusive of adjustments, despite facing opposition from the federal competition regulator. The Competition Bureau has raised concerns about the transaction, alleging potential negative impacts on energy producers and investment in the sector.
The focal point of contention lies at the primary natural gas liquids processing center in Fort Saskatchewan, Alberta, situated northeast of Edmonton. Keyera has expressed disagreement with the regulator’s claims and portrayal of the deal, and has stated its intention to address these issues through the Competition Tribunal process.
The company remains optimistic about the acquisition’s ability to enhance competition in the region by establishing a more efficient Canadian competitor with expanded connectivity and market access. Keyera’s stance is in contrast to the Competition Bureau’s assertion that the deal could hinder competition and harm industry players.