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Keyera Corp. has closed its deal to buy the Canadian natural gas liquids business of U.S. firm Plains All American Pipeline LP despite a challenge launched by the federal competition regulator. The company says it completed the acquisition Tuesday for $5.3 billion including closing adjustments.
The Competition Bureau has applied to the Competition Tribunal to challenge the deal
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Keyera Corp. has closed its deal to buy the Canadian natural gas liquids business of U.S. firm Plains All American Pipeline L.P. despite a challenge launched by the federal competition regulator.
The company says it completed the acquisition Tuesday for $5.3 billion including closing adjustments.
The Competition Bureau has applied to the Competition Tribunal to challenge the deal alleging it will likely harm energy producers and stifle investment.
The key issue is competition at Canada’s main natural gas liquids processing hub in Fort Saskatchewan, Alta., northeast of Edmonton.
Keyera has said it disagrees with the regulator’s assertions and characterization of the transaction and intends to respond through the Competition Tribunal process.
It says it remains confident that the deal strengthens competition across the region by creating a more efficient Canadian-based competitor with expanded connectivity and market access capabilities.
The Competition Bureau is challenging a proposed deal in the natural gas sector out of Fort Saskatchewan. It says Keyera Corp.’s proposed deal to buy Plains All American Pipeline would negatively impact competition in the market. Emily Fitzpatrick has more.
