04:52 PM EDT, 06/17/2025 (MT Newswires) -- Keyera ( KEYUF ) after close of trade Tuesday said it agreed to acquire substantially all of Plains All American Pipeline ( PAA ) Canadian natural gas liquids (NGL) business, as well as some U.S. assets, for $5.15 billion.

The oil and gas pipeline and processing company said the acquisition will expand its liquid-pipeline network and add natural-gas liquids fractionation and processing facilities, as well as 23-million barrel of oil storage, 1,500 miles of pipelines and terminal infrastructure located in Western Canada and Ontario. The purchase is also expected to be accretive to cash flow and save $100 million in synergies. It is also predicting a 50% increase in fee-based adjusted EBITDA over its first year of ownership.

"This is a highly strategic acquisition that strengthens our core business and accelerates our growth trajectory. The assets we are acquiring are high-quality, synergistic, and strongly aligned with our operational footprint and expertise. This transaction enhances our ability to serve customers, capture meaningful operational efficiencies, and deliver sustainable long-term value for shareholders, while also helping to reinforce Canada's position as a global energy leader," chief executive Dean Setoguchi said in a release.

The company said the purchase will be funded by a credit facility, as well as a $1.8-billion bought-deal offering of 45.98-million subscription receipts priced at $39.15 each.

The sale is expected to close in the first quarter of 2026.

Keyera ( KEYUF ) shares closed up $0.48 to $42.07 on the Toronto Stock Exchange.