Enbridge closes $3bn purchase of PE-backed Moda Midstream

Enbridge, a Calgary-based pipeline business, has completed its acquisition of Moda Midstream Operating, a Houston-based liquids terminaling and logistics company.

Enbridge, a Calgary-based pipeline business, has completed its acquisition of Moda Midstream Operating, a Houston-based liquids terminaling and logistics company. The purchase price was $3 billion in cash. Moda Midstream’s seller was US private equity firm EnCap Flatrock Midstream.

PRESS RELEASE

CALGARY, AB and INGLESIDE, Texas, Oct. 12, 2021 /CNW/ – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today announced the closing of the acquisition of Moda Midstream Operating from Encap Flatrock Midstream for US$3.0 billion. The acquisition significantly advances the Company’s U.S. Gulf Coast export strategy and connectivity to low-cost and long-lived reserves in the Permian and Eagle Ford basins.

The transaction provides Enbridge with a 100 percent operating interest in the Ingleside Energy Center, and related pipeline and logistics infrastructure, located near Corpus Christi, Texas, along with a 20 percent interest in the 670-thousand-barrel-per-day Cactus II Pipeline.

About Enbridge Inc.
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,766 MW of net renewable power in North America and Europe. The Company’s common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.