Keyera Corp. has finalized the purchase of Plains All American Pipeline L.P.’s Canadian natural gas liquids business, sealing the deal for $5.3 billion after adjustments. Despite facing opposition from the Competition Bureau, the acquisition was completed on Tuesday.
The Competition Bureau has raised concerns about the impact of the deal on energy producers and investment, prompting a challenge at the Competition Tribunal. The focal point of the issue revolves around competition in Fort Saskatchewan, Alberta, a key natural gas liquids processing hub in Canada.
In response to the regulator’s objections, Keyera has expressed disagreement with the allegations and how the transaction has been portrayed. The company plans to address these concerns through the Competition Tribunal process. Keyera remains optimistic about the benefits of the acquisition, believing it will enhance competition in the region by establishing a more efficient Canadian competitor with improved connectivity and market access.
The Competition Bureau’s contention that the deal could harm energy producers was highlighted in a video report, emphasizing the potential negative impact on market competition.
