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business/news//CBC.ca
Keyera Corp. completed the acquisition Tuesday for $5.3 billion including closing adjustments.
Keyera Corp. finalized its $5.3 billion acquisition of Plains All American's Canadian NGL business.
KEY POINTS
The Competition Bureau has formally applied to the Competition Tribunal to challenge this acquisition.
Regulatory concerns center on competition at the Fort Saskatchewan natural gas liquids processing hub.
Keyera plans to defend the deal, arguing it enhances regional competition and market access.
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.