Keyera has acquired Stonepeak’s 50% stake in the KAPS Pipeline system for C$1.22bn (€751m), taking full ownership of the Canadian natural gas liquids pipeline system just over three years after Stonepeak’s initial investment.
Stonepeak completed the acquisition of its 50% stake in KAPS in April 2023 for C$662.5m from a gas processing business owned by Pembina Pipeline and KKR’s global infrastructure funds to become an equal shareholder alongside Keyera.
Canada-based energy infrastructure business Keyera said it will now own and continue to operate 100% of the KAPS natural gas liquids (NGL) pipeline system, which connects growing condensate and NGL production from the Montney and Duvernay resource plays to high-value downstream markets.
Dean Setoguchi, president and CEO of Keyera, said: “This transaction is directly aligned with our strategy to enhance and extend our integrated value chain and deliver competitive services that help our customers maximise value for their products.
“Full ownership of KAPS provides greater flexibility and efficiency for our customers while enhancing Keyera’s exposure to long-term growth and highly contracted cash flows.”
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