---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-086021"
form_type: "8-K"
ticker: "PAGP"
cik: "0001581990"
company_name: "PLAINS GP HOLDINGS LP"
filed_at: "2025-09-02T23:59:59+00:00"
generated_at: "2026-05-17T08:51:20.755079+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Plains to acquire 55% stake in EPIC Crude Holdings for ~$1.57B

## Summary
- Base purchase price ~$1.57B, including ~$600M debt; earnout of $193M if pipeline expansion to 900k bpd sanctioned by 2027.
- Acquisition includes ~800-mile EPIC crude pipeline, >600k bpd capacity, 7M bbl storage, and >200k bpd export capacity.
- Remaining 45% interest held by Ares Management portfolio company, which will continue as operator.
- Expected to close in Q1 2026, subject to HSR clearance and customary conditions.
- Plains expects deal to be immediately accretive to distributable cash flow with mid-teens unlevered returns.

## SEC filing metadata
- accession: 0001104659-25-086021
- form_type: 8-K
- ticker: PAGP
- cik: 0001581990
- company_name: PLAINS GP HOLDINGS LP
- filed_at: 2025-09-02T23:59:59+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/1581990/000110465925086021/0001104659-25-086021-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581990/000110465925086021/tm2524782d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-086021
- JSON: https://secwatch.observer/filing/0001104659-25-086021.json
- Plain text: https://secwatch.observer/filing/0001104659-25-086021.txt

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