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;))