Keyera closes deal for Plains' Canadian NGL assets despite regulatory challenge

[Three Pipeline Reflecting Blue Sky]
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Keyera (KEYUF [https://seekingalpha.com/symbol/KEYUF]) said Tuesday it closed [https://seekingalpha.com/pr/20511687-keyera-announces-closing-of-acquisition-of-plains-canadian-ngl-business] its acquisition of the Canadian natural gas liquids business of Plains All American Pipeline (PAA [https://seekingalpha.com/symbol/PAA]) (PAGP [https://seekingalpha.com/symbol/PAGP]), despite a challenge launched by Canada's federal competition regulator.

The Commissioner of Competition filed an application with the Competition Tribunal to challenge [https://seekingalpha.com/news/4585801-keyera-falls-after-canadian-antitrust-agency-challenges-deal-for-plains-unit] the deal, alleging it will likely harm energy producers and stifle investment, with the key issue being competition at Canada's main NGL processing hub in Fort Saskatchewan, Alterta.

Keyera (KEYUF [https://seekingalpha.com/symbol/KEYUF]) said it disagrees with the regulator’s assertions and characterization of the transaction and intends to respond through the Competition Tribunal process.

The company said it is confident the deal strengthens competition across the region by creating a more efficient Canadian-based competitor with expanded connectivity and market access capabilities.

MORE ON KEYERA AND PLAINS ALL AMERICAN PIPELINE

* Keyera: A Transformational Acquisition [https://seekingalpha.com/article/4868679-keyera-a-transformational-acquisition]
* Plains All American: Why I'm Downgrading This 8% Yield Despite The Oil Price Spike [https://seekingalpha.com/article/4891365-plains-all-american-downgrading-8-percent-yield-despite-oil-price-spike]
* Plains All American: The Days Of Value Creation Are Here [https://seekingalpha.com/article/4890266-plains-all-american-the-days-of-value-creation-are-here]