Canadian NGL Business Acquired by Plains All American Pipeline | Energy M&A Deal

Plains All American Pipeline has acquired the Canadian NGL business, a midstream energy asset in Texas, for $342 million. The Canadian NGL business supports natural gas liquids processing and transportation, strengthening Plains All American Pipeline’s crude oil midstream focus after energy M&A in North America. Plains All American Pipeline acquisitions in the midstream sector aim to improve cash flow and operational efficiency, with TX acquisitions tied to pipeline and NGL infrastructure. The strategic acquisition is structured as a divestiture acquisition, with Plains GP Holdings LP reporting pending NGL sale closing toward the end of the first quarter 2026 and a pro forma leverage target around 3.25x to 3.75x.