Keyera Corp. has finalized the acquisition of the Canadian natural gas liquids division from Plains All American Pipeline L.P., with a deal valued at $5.3 billion, inclusive of closing adjustments. Despite a challenge initiated by the federal competition regulator, the transaction was completed on Tuesday.

The Competition Bureau has raised concerns and sought intervention from the Competition Tribunal, citing potential adverse effects on energy producers and investment due to the deal. The focal point of contention is the competition dynamics at the primary natural gas liquids processing center in Fort Saskatchewan, Alberta, situated northeast of Edmonton.

Keyera has expressed disagreement with the regulator’s claims and depiction of the deal, and has committed to addressing the concerns through the Competition Tribunal process. The company remains optimistic that the acquisition will enhance competition in the region by establishing a more efficient Canadian competitor with increased connectivity and market access capabilities.