Keyera acquires remaining 50% of KAPS Pipeline from Stonepeak for $1.215 billion

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Summary · why it matters

Keyera Corp. has closed the acquisition of the remaining 50% non-operating interest in the KAPS Pipeline from Stonepeak for $1.215 billion, giving it full ownership of the strategic natural gas liquids system. The transaction is expected to be low-single digit accretive to distributable cash flow per share over the next several years and increases Keyera's targeted fee-based adjusted EBITDA per share compound annual growth rate from a range of 15% to 17% to a range of 16% to 18% between 2025 and 2027. KAPS connects growing condensate and NGL production from the Montney and Duvernay plays to downstream markets, with over 120,000 barrels per day of new commitments added since 2025 and Zone 4 construction on track for a mid-2027 in-service date. The acquisition implies a multiple of approximately 11 times 2029 EBITDA based on currently contracted volumes, and the financing plan includes a $525 million bought deal equity offering to preserve balance sheet strength, with net debt to adjusted EBITDA expected within the 2.5x to 3.0x target range in 2028.

Impact on stocks 1

Financials▲ · 1 stocks
KeyCorp
KEY
▲ PositiveCapitalrelevance

Keyera acquires remaining 50% of KAPS Pipeline, accretive to cash flow and boosting EBITDA growth guidance.

Off-coverage companies 2

Keyera Corp.Private▲ Positive
Capitalrelevance

Keyera acquires remaining 50% of KAPS Pipeline, expected to be accretive to cash flow and increase EBITDA growth guidance.

StonepeakPrivate▲ Positive
Capitalrelevance

Stonepeak sells its 50% stake for $1.215 billion, realizing a significant return on investment.

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