Keyera Corp. is defending its acquisition of Plains All American Pipeline’s Canadian natural gas liquids business before the Competition Tribunal. The company argues the $5.15 billion transaction is pro-competitive and maintains market rivalry.
Canada’s Competition Bureau challenged the deal in May 2026. Regulators argue the merger reduces the number of major service providers at the Fort Saskatchewan hub from three to two. This consolidation could potentially harm local energy producers.
Keyera and Plains closed the transaction in May 2026 despite the regulatory challenge. Keyera maintains the acquisition creates a more efficient competitor with superior market access.