Keyera Corp. (TSX:KEY) surged 4% amid Middle East turmoil and made history with a $5.2 billion acquisition of Plains All American Pipeline's Canadian NGL assets, the largest in Canada's energy sector. The deal includes 2,400 km of pipelines and facilities processing over 575,000 barrels daily. Keyera expects $100 million in cost synergies and a ~15% boost to distributable cash flow in the first year. Analysts project an 18-40% upside, with sustainable dividend growth and a 4.9% yield.

Keyera Corp. is acquiring Plains' Canadian NGL business, including select US assets, for [CAD]5.15 billion. This strategic move creates a continuous NGL corridor across Canada. The deal is funded by a [CAD]1.8 billion bought-deal offering, with a purchase price multiple of 7.8x expected 2025 EBITDA, reducing to 6.8x with synergies. Keyera anticipates [CAD]100 million in annual synergies, enhancing dividend stability. The deal, pending regulatory approval, is set to close by Q1 2026.

Keyera is acquiring Plains All American Pipeline's Canadian natural gas liquids business for $3.77 billion. This acquisition will enhance Keyera's presence in the NGL market by establishing a corridor from Western to Eastern Canada.