Northwire Canada EditionFriday, July 10, 2026
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S 0.165 +37.5% NNX 0.035 +0.0% ABX 52.05 −0.3% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.32 +12.1% TUNG 1.73 +2.4% LGO 1.00 −3.4% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.50 +1.1% SGZ 0.040 −11.1% GRSL 0.307 −3.9% DEX 0.380 −1.3% WMS 0.040 +0.0% S 0.165 +37.5% NNX 0.035 +0.0% ABX 52.05 −0.3% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.32 +12.1% TUNG 1.73 +2.4% LGO 1.00 −3.4% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.50 +1.1% SGZ 0.040 −11.1% GRSL 0.307 −3.9% DEX 0.380 −1.3% WMS 0.040 +0.0%
M&A / Property Routine +

Keyera Announces Acquisition of Remaining 50% Interest in KAPS

Keyera buys out Stonepeak's KAPS stake for $1.2B, funds via $525M equity raise; execution on integrated midstream strategy continues.

By The Northwire Desk — AI Analysis Jun 17, 2026 · 16:11 KEY · 56.68 KEYERA CORP.
Executive Summary
  • Keyera closed the acquisition of the remaining 50% non-operating interest in the KAPS pipeline from Stonepeak Partners LP for $1.215 billion, achieving 100% ownership and operational control.
  • The transaction is funded via existing credit facilities and will be repaid through a $525 million bought-deal equity offering priced at $53.55 per share.
  • Management expects the acquisition to be low-single-digit accretive to distributable cash flow (DCF) per share.
  • The deal increases the targeted fee-based adjusted EBITDA per share CAGR for 2025-2027 to 16%-18%.
  • Incremental 2026 growth capital guidance is reduced by ~$100 million to $450 million-$525 million to fund Keyera's increased share of KAPS Zone 4 construction.
  • KAPS Zone 4 construction remains on time and on budget, with an expected mid-2027 in-service date.
Material Impact
  • The KAPS acquisition and equity raise are strategic executions of a previously announced plan. They are accretive to DCF per share, reduce near-term capex needs, and align with prior guidance. However, the stock's +35% run-up over the past year implies these benefits were already priced in. The equity raise at a standard bought-deal discount is routine financing. The news is positive but not a surprise, and the market's prior reaction suggests limited incremental upside unless synergies accelerate or capex comes in below guidance.
KEY · Price
Company Overview
  • Keyera Corp. is a Canadian midstream company focused on NGL gathering, processing, fractionation, storage, and marketing. The company recently completed the $5.3 billion acquisition of Plains' Canadian NGL business and now fully owns the KAPS pipeline. The strategic focus is on building an integrated value chain, capturing operational synergies, and delivering fee-based, contracted cash flows to shareholders.
Read the original news release →

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