BUZZ-Plains All American rises after $670 mln deal for three pipeline systems
** U.S. midstream company Plains All American PAA.O up 5.2% to $18.55 in morning trade
** Company, after markets closed on Tuesday, announced three acquisitions in a cash deal of $670 million
** PAA acquired Ironwood Midstream Energy, which owns an Eagle Ford Basin gathering system, from EnCap Flatrock Midstream; acquired Medallion Midstream's Delaware Basin crude oil gathering business from The Energy & Minerals Group; and acquired the remaining 50% interest in Midway Pipeline LLC from a subsidiary of CVR Energy
** Also announced a 20% increase in the quarterly dividend payable in February 2025
** RBC Capital analysts see the transactions driving "incremental cash flow growth and stronger capital return to common unitholders"
** PAA is up 8.5% YTD
(Reporting by Seher Dareen in Bengaluru)
((Seher.Dareen@thomsonreuters.com;))
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