PLAINS GP HOLDINGS LP (PAGP): M&A transaction — Plains completes sale of Canadian NGL business to Keyera for ~$3.3B net proceeds

PLAINS GP HOLDINGS LP

Sale closed May 12, 2026; cash consideration ~CAD $5.13B (~USD $3.76B); net proceeds ~$3.3B.
Proceeds to repay commercial paper, term loan, and 4.50% senior notes due Dec 2026.
Leverage expected to trend toward middle of targeted 3.25-3.75x range post-closing.
No special distribution; tax liability mitigated by bonus depreciation from Cactus III acquisition.
Company now a pure-play crude oil midstream company with assets from Canada to U.S. Gulf Coast.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

PLAINS GP HOLDINGS LP completed a disposition involving Keyera Corp. for cash consideration of approximately CAD $5.13 billion (approximately USD $3.76 billion) (closed 2026-05-12).

Action: disposition
Counterparty: Keyera Corp.
Consideration: cash consideration of approximately CAD $5.13 billion (approximately USD $3.76 billion)
Closing: 2026-05-12

Exact text from the filing

of a definitive Share Purchase Agreement dated as of June 17, 2025 (as amended to date, the “SPA”). Pursuant to the SPA, Seller received cash consideration of approximately CAD $5.13 billion (approximately USD $3.76 billion), subject to certain post-closing adjustments as defined in the SPA. Net proceeds from the sale of approximately $3.3 billion, after taxes and

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PLAINS GP HOLDINGS LP terminated Term Loan Agreement with PNC Bank, National Association and the other lenders party thereto valued at $1.1 billion (effective 2025-11-26).

Action: termination
Agreement: credit facility
Counterparty: PNC Bank, National Association and the other lenders party thereto
Value: $1.1 billion
Effective: 2025-11-26

Exact text from the filing

On November 26, 2025, PAA entered into a term loan agreement (the “Term Loan Agreement”) by and among PAA, as borrower, PNC Bank, National Association, as administrative agent, and the other lenders party thereto (collectively, the “Lenders”).

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31 m&a transactions filed in the last 30 days. Browse all m&a transactions →

PLAINS GP HOLDINGS LP filing history →

Source: SEC EDGAR

accession 0001104659-26-059512

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