Keyera to Buy Plains’ Canada NGL Business for $3.8 Billion

Keyera Corp. agreed to buy Plains All American Pipeline LP’s Canadian natural gas liquids business and some US assets for C$5.15 billion ($3.77 billion) in cash, significantly bulking up its pipeline system around the country.

The assets include more than 1,500 miles of pipeline infrastructure with capacity of over 575,000 barrels a day, the Calgary-based gas and NGL midstream company said in a statement. Keyera expects to generate C$100 million in savings from the acquisition and boost distributable cash flow by a mid-teens percentage in the first year.