Plains Transaction Closes, But Questions Remain

研报英文原文证据摘录

Plains Transaction Closes, But Questions Remain

Energy Infrastructure

Keyera Corp.

TD SECURITIES INC. - CANADA QUICK TAKE: COMPANY UPDATE

May 12, 2026

Price: C$52.44 (05/11/2026) Plains Transaction Closes, But Questions

Price Target: C$60.00 Remain

BUY (1)

ESG SCORE: 65/100

Aaron MacNeil, CA^ THE TD COWEN INSIGHT

403 292 1222

With the close announced, our attention turns to a post-close update that we had previously

aaron.macneil@tdsecurities.com

characterized as a catalyst. This view remains, but is tempered by the prevailing uncertainty

Ben Fullarton^ arising from the tribunal process. However, we continue to view recent share price weakness

416 308 8209 as a buying opportunity. Maintain BUY; $60 PT.

ben.fullarton@tdsecurities.com

Mark Newson, CFA^ Event: Keyera announced the closing of the Plains transaction.

403 299 3207

Impact: POSITIVEmark.newson@tdsecurities.com

Key Data Close Details and Next Steps: Consistent with our updated expectations around timing,

Symbol TSX: KEY-T Keyera announced that it has closed the acquisition of the Plains Canadian NGL business for

Market Cap C$12.0B $5.3 billion including closing adjustments ($5.15 billion prior). Under the Tribunal process,

General: Market cap, net debt and EV contemplate Plains Keyera has 45 days to file a response to the application made by the Competition Bureau,

transaction followed by a period for the Commissioner to reply. The Competition Tribunal will then

establish a schedule for the proceeding. We note that Tribunal process timelines may stretch

out ~12-18 months depending on the nature and complexity of the matter.

Integration Now Underway: Keyera noted that with the close, they are integrating employees,

systems and operations to capture operational efficiencies and realize synergies; it does not