Enbridge to Pick up Moda Midstream Assets in $3B Deal

Enbridge Inc. announced plans Tuesday to acquire Moda Ingleside Energy Center – the largest crude oil export terminal by volume in the U.S. – among other assets from Houston’s Moda Midstream Operating as the pipeline company looks to strengthen its position in the Gulf of Mexico.

The deal, which carries an enterprise value of $3 billion, includes a minority, non-operating interest in the Cactus II Pipeline, which connects to MIEC; a 100% interest in Moda’s Viola Pipeline, which also connects to MIEC; and the St. James Development Project, a brownfield joint-development seeking to build independent third-party logistics solutions in Louisiana.