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

Enbridge Inc. ENB, +0.53% ENB, +0.32% announced Tuesday an statement with EnCap Flatrock Midstream to bargain Moda Midstream Operating LLC successful a currency woody valued astatine $3.0 billion. Enbridge expects the woody to "immediately and strongly" adhd to currency travel and earning to stock upon closing, which is expected to hap successful the 4th fourth of 2021. Under presumption of the deal, Enbridge volition get a 100% involvement successful the Ingleside Energy Center adjacent Corpus Christi, Texas, which Enbridge said is North America's largest crude export terminal. Enbridge said it volition besides get a 20% involvement successful the Cactus II Pipeline, a 100% involvement successful the Viola pipeline and a 100% involvement successful the Taft Terminal. "With adjacent proximity to world-class Permian reserves, and with outgo effectual and businesslike export infrastructure, our caller Enbridge Ingleside terminal volition beryllium captious to capitalizing connected North America's vigor advantage," said Enbridge Chief Executive Al Monaco. Enbridge's stock, which edged up 0.1% successful premarket trading, has rallied 25.1% twelvemonth to date, portion the SPDR Energy Select Sector ETF XLE, -0.57% has tally up 28.3% and the S&P 500 SPX, -0.03% has precocious 20.8%.