Plains All American Sells Canadian NGL Business to Keyera for $3.77B

Plains All American Pipeline (NASDAQ:PAA) is one of the best low priced energy stocks to buy now. On June 18, Keyera Corp. announced that it entered into a definitive agreement to acquire substantially all of Plains All American Pipeline and Plains GP Holdings’ Canadian natural gas liquids/NGL business, along with select US assets.

The total cash consideration for this acquisition is ~$3.77 billion. The acquisition expands Keyera’s presence in the NGL market by creating a fully connected NGL corridor stretching from Western to Eastern Canada, placing all these assets under Canadian ownership.

The combined platform will provide access to high-demand markets via liquefied petroleum gas export facilities on the West Coast, while connecting to major consumption centers in Eastern Canada and the US.

Plains All American Pipeline (NASDAQ:PAA) engages in the pipeline transportation, terminaling, storage, and gathering of crude oil & natural gas liquids/NGL in the US and Canada.

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Disclosure: None. This article is originally published at Insider Monkey.