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Update: Keyera to Acquire the Remaining 50% of the KAPS Pipeline System It Does Not Own for C$1.22 Billion

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(Adds bought-deal offering details in the penultimate paragraph.)

Keyera (KEY.TO) on Wednesday said its is acquiring the 50% of the KAPS pipeline system it does not own for C$1.22 billion, paying in part from a C$525-million bought-deal share offering.

The oil and gas infrastructure and processing company said the purchase from Stonepeak, an alternative investing firm, give it complete control of the pipeline system, which carries natural-gas liquids from the Montney and Duvernay fields in Western Canada to downstream markets.

"This transaction is directly aligned with our strategy to enhance and extend our integrated value chain and deliver competitive services that help our customers maximize value for their products," said chief executive Dean Setoguchi. "Full ownership of KAPS provides greater flexibility and efficiency for our customers while enhancing Keyera's exposure to long-term growth and highly contracted cash flows."

The company said it is selling underwriters 9.8-million shares priced at C$53.55 each. The underwriters have also been granted an over-allotment option of 1.47-million shares.

The company's shares closed down C$0.47 to C$56.21 on the Toronto Stock Exchange

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