---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-059512"
form_type: "8-K"
ticker: "PAGP"
cik: "0001581990"
company_name: "PLAINS GP HOLDINGS LP"
filed_at: "2026-05-12T21:21:41+00:00"
generated_at: "2026-05-12T21:24:18.166293+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Plains completes sale of Canadian NGL business to Keyera for ~$3.3B net proceeds

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-059512
- form_type: 8-K
- ticker: PAGP
- cik: 0001581990
- company_name: PLAINS GP HOLDINGS LP
- filed_at: 2026-05-12T21:21:41+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 2.01, 1.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1581990/000110465926059512/0001104659-26-059512-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1581990/000110465926059512/tm2614304d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-059512
- JSON: https://secwatch.observer/filing/0001104659-26-059512.json
- Plain text: https://secwatch.observer/filing/0001104659-26-059512.txt

## Key facts
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1581990/000110465926059512/0001104659-26-059512-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1581990/000110465926059512/0001104659-26-059512-index.htm

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