---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-060317"
form_type: "8-K"
ticker: "PAGP"
cik: "0001581990"
company_name: "PLAINS GP HOLDINGS LP"
filed_at: "2025-06-17T23:59:59+00:00"
generated_at: "2026-05-19T04:36:42.125077+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 Canadian NGL business to Keyera for ~$3.75B USD

## Summary
- Cash consideration of C$5.15B (~$3.75B USD); expected close Q1 2026 subject to regulatory approvals.
- Plains retains US NGL assets and all Canadian crude oil assets; becomes crude oil pure play.
- Net proceeds estimated at ~$3.0B after taxes, expenses, and potential ~$0.35/unit special distribution.
- Proceeds to be prioritized for bolt-on M&A, debt reduction, preferred/common unit repurchases.
- Transaction expected to generate ~$360M Canadian entity-level taxes; PAA unitholders may receive foreign tax credits.

## SEC filing metadata
- accession: 0001104659-25-060317
- form_type: 8-K
- ticker: PAGP
- cik: 0001581990
- company_name: PLAINS GP HOLDINGS 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/1581990/000110465925060317/0001104659-25-060317-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581990/000110465925060317/tm2518179d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-060317
- JSON: https://secwatch.observer/filing/0001104659-25-060317.json
- Plain text: https://secwatch.observer/filing/0001104659-25-060317.txt

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