January 20, 2024 [Bnnbreaking]- Moda Midstream, an esteemed logistics firm, has successfully sealed the deal for a 50% stake sale in its Natural Gas Liquids (NGL) storage and terminal facility, Vopak Moda Houston (VMH). The buyer, Exolum, a Madrid-based logistics powerhouse, has publicly confirmed the acquisition, marking a significant development in the global gas logistics sector.
A Strategic Acquisition
The VMH terminal is strategically positioned on the Houston Ship Channel and is renowned for its unique ability to accommodate very large gas carrier vessels. This is credited to its deepwater berth, a feature that distinguishes it as the only waterborne ammonia terminal with such capacity. This acquisition by Exolum is seen as a strategic move, aligning perfectly with the company’s diversification efforts.
Financial Details Undisclosed
The financial specifics of this transaction, which was first announced in December, have been kept under wraps. However, the completion of this deal underscores a critical milestone for both companies. Moda Midstream, under the endorsement of private equity firm EnCap Flatrock Midstream, views this deal as a progression towards its objective of leading terminal infrastructure development in the industry.
Deal Facilitation and Legal Counsel
The sale was proficiently facilitated by Intrepid Partners LLC, which functioned as Moda’s exclusive financial adviser for this transaction. The legal aspects of the deal were handled by the reputed law firm, Vinson & Elkins, ensuring a smooth and legally sound process.
13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data