Canadian oil pipeline giant announces billion-dollar takeover

Enbridge acquires ownership of Moda Midstream Operating for USD 3bn.

Photo: Nick Oxford/Reuters/Ritzau Scanpix

Canadian oil supplier company Enbridge has signed a purchase deal worth USD 3bn to take over Moda Midstream Operating, reports Bloomberg News.

Enbridge, which makes money from transmitting oil through large pipelines, thereby secures extra capacity around the Gulf of Mexico.

This acquisition connects Enbridge to shale fields in New Mexico and Texas as well as to North America's largest crude export terminal, Ingleside Energy Center, the media writes.

Enbridge, listed in both Toronto and New York, rises 0.1 percent in premarket trading.

Moda is not publicly listed.

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