Plains All American to acquire Permian’s Alpha Crude Connector

HOUSTON: Plains All American Pipeline LP (PAA) has entered into definitive agreements to acquire a Permian Basin crude oil gathering system for approximately $1.2 billion. PAA has also entered into definitive sales agreements totaling $380 million, which include two pending transactions aggregating approximately $310 million and the completion of a third transaction in January for approximately $70 million. The acquisition and pending sale transactions are subject to customary closing conditions, including receipt of regulatory approvals, and are expected to close during the first half of 2017.

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