Enbridge agrees with EnCap on a $3 billion deal to acquire crude export terminal Ingleside Energy Center

Enbridge Inc. announced Tuesday an agreement with EnCap Flatrock Midstream to buy Moda Midstream Operating LLC in a cash deal valued at $3.0 billion. Enbridge expects the deal to “immediately and strongly” add to cash flow and earning to share upon closing, which is expected to occur in the fourth quarter of 2021. Under terms of the deal, Enbridge will acquire a 100% interest in the Ingleside Energy Center near Corpus Christi, Texas, which Enbridge said is North America’s largest crude export terminal. Enbridge said it will also acquire a 20% interest in the Cactus II Pipeline, a 100% interest in the Viola pipeline and…