"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."
Keyera Corp. completed its acquisition of Plains All American Pipeline L.P.’s Canadian natural gas liquids business for $5.3 billion, including closing adjustments. The federal Competition Bureau applied to the Competition Tribunal to challenge the deal, alleging it will likely harm energy producers and reduce investment. The central concern involves competition at Canada’s main natural gas liquids processing hub in Fort Saskatchewan, Alberta, northeast of Edmonton. Keyera said it disagrees with the regulator’s assertions and characterization of the transaction. Keyera stated it intends to respond through the Competition Tribunal process and believes the deal will strengthen competition across the region by creating a more efficient Canadian-based competitor with expanded connectivity and market access capabilities.
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