04:54 PM EDT, 06/17/2025 (MT Newswires) -- Plains All American Pipeline ( PAA ) and Plains GP (PAGP) agreed to sell substantially all of their Canadian natural gas liquid business and select US assets to Keyera for about $3.75 billion, the companies said separately late Tuesday.

The companies said they expect to close the deal in Q1 2026.

The transaction involves divesting Canadian NGL business but retaining all crude oil assets in Canada and substantially all NGL assets in the US, Plains said in a separate statement.

A special distribution of 0.35 Canadian dollars ($0.26) per unit to holders of Plains All American common units and Plains GP Class A shares is expected to be approved to offset potential individual tax liabilities related to the deal, Plains added.