Keyera Corp T.KEY

So who bought Pembina's

[savyinvestor333]

share of KAPS?

[MisterK25]

Purchased by Stonepeak Partners LP - an investment group similar to KKR. From a Business Wire news release this morning.

[hawk35]

Pembina Pipeline Corp.PPL-T +0.65%increase has signed a deal to sell Pembina Gas Infrastructure’s 50 per cent interest in the Key Access Pipeline System to private equity firm Stonepeak Partners LP for $662.5-million.   Pembina Gas Infrastructure is 60 per cent owned by Pembina and 40 per cent by KKR’s global infrastructure fund.   The deal is expected to close in the first

[hawk35]

Sale of PGI Interest in Key Access Pipeline System PGI, which is owned 60 percent by Pembina and 40 percent by KKR's global infrastructure funds, has through its subsidiary entered into an agreement to sell its 50 percent non-operated interest in KAPS. Under the agreement, PGI will continue to fund its share of the project costs under the current project scope until the end of 2023. The

[500wedge]

What I haven't read is what this sale means to the furture ownership of KAPS and to Keyera. Is this the first part of a sale process of Keyera?  Keyera remains an attractive target as they are relative small in the space and hold some very key assets. 

[stocktalk]

It means PPL is not interested in Key.

[Puma1back]

still don't see the economics of taking a $1 biilion asset, that is loaded down in the subsidiary JV, and blowing it out for about $600 million net of their obligations to fund the expected $50 million of final costs. $400 million loss - i know they are not the operator, , they were ordered to divest nor is the project up & running but this is in the 95% completion range. time value of $

[Puma1back]

Comments in the Globe from Raymend James:--------- Aggain though no one reconciles loaded costs vs sale price????? We had expected the PPL/KKR share of the pipeline would fetch more than $700 -million (without the cost adjustment) implying a valuation multiple of 10 times on run rate EBITDA,” he said. “The lower valuation likely reflects some combination of the uncertainty of future cash flow