Company: PAGP
Filing Date: 2025-06-17
Form Type: 8-K
Source: 0001104659-25-060317
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Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-06-17
Form: 8-K
Item: Item 1.01
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Item 1.01      Entry into a Material Definitive Agreement.  

On June 17, 2025, a
wholly-owned subsidiary (the “ Seller”) of Plains All American Pipeline, L. P. (“ PAA”), which is a wholly
owned subsidiary of Plains GP Holdings, L. P. (“ PAGP” or the “ Registrant”), entered into a definitive Share
Purchase Agreement (the “ SPA”) with Keyera Corp., an Alberta Corporation (“ Keyera”), pursuant to which
Keyera will purchase from Seller the issued and outstanding shares of Plains Midstream Canada ULC, the PAA subsidiary that owns
substantially all of PAA’s natural gas liquids (NGL) business, for a cash purchase price of approximately C$5.15 billion,
subject to adjustments. PAA will guaranty certain of the Seller’s obligations under
the SPA. PAA will retain substantially all NGL assets located in
the United States and all crude oil assets in Canada.

The transaction is expected
to close in the first quarter of 2026, subject to satisfaction or waiver of customary closing conditions, including applicable regulatory
approvals. The SPA contains customary
representations, warranties, covenants and termination provisions, as well as mutual indemnification provisions for breaches of certain of the representations, warranties and covenants in the SPA, subject
to certain limitations.

The foregoing description
of the SPA does not purport to be complete and is qualified in its entirety by reference to the full text of the SPA, which the Registrant
intends to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.