Keyera closes Plains deal despite challenge by federal competition regulator

The Keyera KAPS pipeline in Fort Saskatchewan, Alta. (John Hanson/CTV News Edmonton)

CALGARY — Keyera Corp. has closed its deal to buy the Canadian natural gas liquids business of U.S. firm Plains All American Pipeline LP 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.

This report by The Canadian Press was first published May 12, 2026.

Read more:

• Competition Bureau challenging Keyera deal with Plains All American Pipeline
• Competition Bureau obtains court order in investigation into Keyera-Plains deal
• Canadian energy company faces roadblocks to acquire assets from U.S. firm