---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-060314"
form_type: "8-K"
ticker: "PAA"
cik: "0001070423"
company_name: "PLAINS ALL AMERICAN PIPELINE LP"
filed_at: "2025-06-17T23:59:59+00:00"
generated_at: "2026-05-19T04:10:58.988355+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Plains All American sells NGL business to Keyera for $3.75B

## Summary
- Total cash consideration C$5.15B (~$3.75B USD); expected close in Q1 2026, subject to regulatory approvals.
- Purchase price represents ~13x expected 2025 Distributable Cash Flow; Plains retains US NGL and Canadian crude assets.
- Net proceeds ~$3.0B USD after taxes, expenses, and potential ~$0.35/unit special distribution to offset tax liabilities.
- PAA expects ~$360M USD of Canadian entity-level taxes; transaction expected to generate foreign tax credits for unitholders.
- Capital allocation priorities: bolt-on crude M&A, preferred unit repurchases, and opportunistic common unit buybacks.

## SEC filing metadata
- accession: 0001104659-25-060314
- form_type: 8-K
- ticker: PAA
- cik: 0001070423
- company_name: PLAINS ALL AMERICAN PIPELINE LP
- filed_at: 2025-06-17T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1070423/000110465925060314/0001104659-25-060314-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000110465925060314/tm2518178d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-060314
- JSON: https://secwatch.observer/filing/0001104659-25-060314.json
- Plain text: https://secwatch.observer/filing/0001104659-25-060314.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.