Competition Bureau Obtains Court Order in Investigation Into Keyera-Plains Deal

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The Competition Bureau says it has obtained a court order to gather information related to Keyera Corp.’s proposed deal to buy the Canadian natural gas liquids business of U.S. firm Plains.

The watchdog, which opened a review into the potential merger last June, says it is investigating whether the proposed $5.15-billion transaction would likely result “in a substantial lessening or prevention of competition in the Canadian oil and gas industry.”

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The bureau is also assessing whether it would raise barriers for competitors and new market entrants, along with the potential to entrench Keyera’s competitive position in the energy infrastructure marketplace.

The Federal Court order requires Inter Pipeline Ltd, a separate player in the Canadian oil and gas sector, to produce records and information relevant to the bureau’s investigation.

Last week, Keyera Corp. revealed the Plains deal had been taking longer than anticipated as it continued advancing through the regulatory process, with the company working toward closing the transaction in May rather than the end of the first quarter.

The assets to be acquired in the deal, which was announced in June 2025, include 193,000 barrels per day of “fractionation capacity,” where gas and liquids are separated, as well as 23 million barrels of storage capacity and more than 2,400 kilometres of pipeline infrastructure.

This report by The Canadian Press was first published April 8, 2026.

Companies in this story: (TSX:KEY)

The Canadian Press