Shearman & Sterling advised EnCap Flatrock Midstream, financial sponsor to liquids terminaling and logistics company Moda Midstream, in the companies’ definitive agreement to sell the Moda Ingleside Energy Center and other Moda assets to Enbridge for an enterprise value, net of working capital and cash, of approximately $3 billion, subject to closing adjustments.
EnCap Flatrock Midstream and Moda Midstream will retain their ownership interest in Vopak Moda Houston, a 50/50 joint venture between Moda and Royal Vopak. The transaction is subject to customary regulatory approvals and closing conditions and is expected to close by the end of this year.
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments and Flatrock Energy Advisors. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors.