---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-086018"
form_type: "8-K"
ticker: "PAA"
cik: "0001070423"
company_name: "PLAINS ALL AMERICAN PIPELINE LP"
filed_at: "2025-09-02T23:59:59+00:00"
generated_at: "2026-05-17T08:43:27.087451+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Plains All American to acquire 55% interest in EPIC Crude Holdings for ~$1.57B

## Summary
- Base purchase price ~$1.57B (incl. ~$600M debt); potential $193M earnout for expansion to 900k bpd.
- Transaction expected to close Q1 2026, subject to Hart-Scott-Rodino antitrust clearance and other conditions.
- EPIC Pipeline: ~800 miles long-haul crude takeaway from Permian/Eagle Ford to Gulf Coast; >600k bpd capacity with low-cost expansion.
- Expected immediately accretive to distributable cash flow; synergy opportunities target mid-teens unlevered returns.
- Remaining 45% interest held by Ares Management, which will continue as operator of the pipeline.

## SEC filing metadata
- accession: 0001104659-25-086018
- form_type: 8-K
- ticker: PAA
- cik: 0001070423
- company_name: PLAINS ALL AMERICAN PIPELINE LP
- filed_at: 2025-09-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1070423/000110465925086018/0001104659-25-086018-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1070423/000110465925086018/tm2524777d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-086018
- JSON: https://secwatch.observer/filing/0001104659-25-086018.json
- Plain text: https://secwatch.observer/filing/0001104659-25-086018.txt

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