M&A Deal Summary

Enbridge Acquires Moda Ingleside Energy Center

On September 7, 2021, Enbridge acquired energy services and equipment company Moda Ingleside Energy Center from Moda Midstream for 3.0B USD

Acquisition Highlights
  • This is Enbridge’s 6th transaction in the Energy Services and Equipment sector.
  • This is Enbridge’s 2nd largest (disclosed) transaction.
  • This is Enbridge’s 6th transaction in the United States.
  • This is Enbridge’s 4th transaction in Texas.

M&A Deal Summary
Date 2021-09-07
Target Moda Ingleside Energy Center
Sector Energy Services and Equipment
Buyer(s) Enbridge
Sellers(s) Moda Midstream
Deal Type Divestiture
Deal Value 3.0B USD
Advisor(s) Shearman & Sterling (Legal)

Target

Moda Ingleside Energy Center

Ingleside, Texas, United States
Moda Ingleside Energy Center is the nation’s largest crude export terminal by volume, having loaded more than 25 percent of all U.S. Gulf Coast crude exports in 2020. MIEC has an aggregate storage capacity of more than 15 million barrels and an export capacity of 1.6 million barrels per day.

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Buyer(S) 1

Buyer

Enbridge

Calgary, Alberta, Canada

website

Category Company
Founded 1949
Sector Energy Services and Equipment
Employees11,100
Revenue 53.3B CAD (2022)
DESCRIPTION
Enbridge office in West Duluth, Minnesota.
Enbridge office in West Duluth, Minnesota.

Enbridge operates a US and Canadian crude oil and liquid transportation network. Enbridge was incorporated in 1949 and is based in Calgary, Canada.

DEAL STATS #
Overall 10 of 13
Sector (Energy Services and Equipment) 6 of 7
Type (Divestiture) 4 of 5
State (Texas) 4 of 6
Country (United States) 6 of 9
Year (2021) 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-12 Éolien Maritime France SAS

Paris, France

Éolien Maritime France SAS is a French offshore wind development company with three large-scale offshore wind farms off the coast of France that would produce a combined 1,428 megawatts (MW) of power.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-03 Smartpipe Technologies

Houston, Texas, United States

Smartpipe Technologies is a technology company delivering the largest diameter, patented, state-of-the-art non-metallic pipeline systems for the energy industry. Smartpipe's embedded real-time fiber-optic monitoring and multi-sensor inline inspection systems. Smartpipe Technologies is based in Houston, Texas.

Buy -

Seller(S) 1

SELLER

Moda Midstream

Houston, Texas, United States

website

Category Company
Founded 2015
Sector Energy Services and Equipment
DESCRIPTION

Moda Midstream is a logistics company that provides independent terminal, storage and distribution solutions to refiners, petrochemical manufacturers, marketers and producers of crude oil, condensate, NGLs, refined products and other bulk liquids. Moda Midstream was founded in 2015 and is based in Houston, Texas.

DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-08 Occidental Petroleum - Oxy Ingleside Energy Center

Ingleside, Texas, United States

Occidental Petroleum Corp. - Oxy Ingleside Energy Center is a storage and export terminalthat provides access to global markets for crudeoil and LPG producers and marketers. IEC has approximately 2.1 million barrels of oil storage capacity and three deep-water berths for crude oil.

Buy -
Mergr

Product

Company

Legal