This is a MAJOR deal for PAA. It is amazing how far this company has come. I talked to them today and they are very excited about this deal. - Dan
HOUSTON, Mar 09, 2012 (BUSINESS WIRE) -- Plains All American Pipeline, L.P. (PAA, Trade ) announced today that with respect to the pending acquisition by its wholly owned subsidiary Plains Midstream Canada ULC of BP's Canadian natural gas liquids (NGL) business, the final regulatory closing condition under the Share Purchase Agreement has been satisfied. Subject to satisfaction of other customary closing conditions, the acquisition is anticipated to close early in the second quarter of 2012.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil and refined products, as well as in the processing, transportation, fractionation, storage and marketing of natural gas liquids. Through its general partner interest and majority equity ownership position in PAA Natural Gas Storage, L.P. (PNG, Trade ), PAA owns and operates natural gas storage facilities. PAA is headquartered in Houston, Texas.