Sidley is representing Enbridge, Inc. in its transaction with Encap Flatrock Midstream to acquire Moda Midstream Operating, LLC for US$3 billion in cash.
In the transaction, Enbridge will acquire a 100% operating interest in the Ingleside Energy Center (to be renamed the Enbridge Ingleside Energy Center (EIEC)), located near Corpus Christi, Texas. EIEC is North America’s largest crude export terminal, and loaded 25% of all U.S. Gulf Coast crude exports in 2020. The state-of-the-art terminal, built in 2018, has capability to load very large crude carriers (VLCCs), and comprises 15.6 million barrels of storage and 1.5 million barrels per day of export capacity. As part of the transaction, Enbridge will also acquire a 20% interest in the 670,000 barrel-per-day Cactus II Pipeline, a 100% operating interest in the 300,000 barrel-per-day Viola pipeline, and a 100% operating interest in the 350,000 barrel-per-day Taft Terminal. Together with EIEC, these pipeline and storage assets provide a fully integrated light crude export platform. In addition, Enbridge will acquire a 50% interest in a brownfield St. James deep-water crude and refined products terminal development opportunity.
The Sidley team was led by counsel Atman Shukla, senior counsel Glenn Pinkerton, and partner Cliff Vrielink. The team also included partners Brian Bradshaw (Energy), Emily Mallen (Energy Regulatory), Heather Palmer (Environmental), Angela Richards (Tax), and Eric Winwood (Employee Benefits and Executive Compensation), counsels Scott Goldstein (Insurance), Lauren Grau (Technology and IP Transactions), and Ash Nagdev (Privacy and Cybersecurity), as well as associates Allen Braddock (Environmental), Riley Fedechko (Energy), Radhika Kannan (Energy Regulatory), Greg Kusel (Energy Regulatory), Sarah O’Brien (Energy), and Sheri Porath Rockwell (Privacy and Cybersecurity).