Plains All American Pipeline, L.P. (NASDAQ: PAA) and Plains GP Holdings (NASDAQ: PAGP) received a filing from the Canadian Competition Bureau challenging their proposed sale of Canadian natural gas liquids business to Keyera Corp.

The companies stated the filing does not prevent transaction closure and both parties intend to complete the deal in May 2026. The regulatory challenge does not enjoin, prohibit or make the transaction illegal, according to the press release.

The NGL business divestiture will convert Plains into a crude oil-focused midstream company with integrated assets extending from Canada to the U.S. Gulf Coast. Plains currently handles approximately nine million barrels per day of crude oil and NGL through its pipeline network and infrastructure assets.

Plains All American Pipeline operates as a master limited partnership owning midstream energy infrastructure and providing logistics services for crude oil and natural gas liquids. The company maintains pipeline gathering and transportation systems, terminals, storage facilities and processing infrastructure across key North American producing regions and market hubs.

Plains GP Holdings owns an indirect controlling general partner interest in PAA and an indirect limited partner interest in the partnership. Both entities are headquartered in Houston, Texas.