Plains All American to Boost Operations With Three Bolt-on Acquisitions

Plains All American Pipeline (PAA) announced three bolt-on acquisitions for an aggregate cash consideration of nearly $670 million, the purchase of nearly 18% of its outstanding PAA Series A Preferred Units and a 20% increase in its annualized distribution rate.The firm’s board of directors has approved an increase in its quarterly distribution (payable in February 2025), for both PAA common units and Plains Group (PAGP) Class A shares, from 31.75 cents per unit to 38 cents. On an annualized basis, the dist ...