Business · Companies · 1 hr ago
Mitsubishi to sell part of its LNG Canada stake to Blackstone
Mitsubishi plans to sell 49.9% of a company holding part of LNG Canada to funds managed by Blackstone, the investment firm.
The deal value is reported differently: Mitsubishi’s announcement puts it at about US$1.6-billion, while another account says an investor group led by Blackstone agreed to a US$3.1-billion deal.
The company being partly sold owns 15% of LNG Canada, a natural gas export project in British Columbia.
LNG Canada began production in June 2025, and Mitsubishi says the sale will not change its gas sales volumes or customer relationships.
The company currently takes 2.1 million tonnes of gas a year from the project, a volume expected to double after an expansion.
The planned expansion would double LNG Canada’s capacity to 28 million tonnes a year, following a final investment decision by Shell and its partners in September.
Mitsubishi says Blackstone’s financial resources will help advance the expansion, and the deal is expected to close in November.
Mitsubishi said it will sell a 49.9-per-cent interest in a holding company that owns a stake in LNG Canada to funds managed by Blackstone Credit & Insurance.
The holding company owns 15 per cent of the British Columbia LNG export project.
The Globe and Mail reported the deal is worth about US$1.6-billion, while Bloomberg described a $3.1-billion deal to acquire a stake in LNG Canada’s liquefaction business.
Mitsubishi said the sale would not affect its LNG offtake volumes or customer relationships.
The transaction is expected to close in November.
- Who
- Mitsubishi Corp. and funds managed by Blackstone Credit & Insurance.
- What
- Mitsubishi plans to sell a 49.9-per-cent interest in a holding company that owns a stake in LNG Canada.
- When
- Announced on Monday, November 2, 2026. The deal is expected to close in November.
- Where
- LNG Canada, an export project in British Columbia.
- Why
- Mitsubishi said Blackstone’s financial resources would help advance the project’s expansion and improve the capital efficiency of its investment.
This story does not have two clearly opposing sides.
LNG Canada started production.
Shell and its partners announced a final investment decision on the LNG Canada Phase 2 expansion.
Mitsubishi announced the planned sale of part of its interest in the holding company.
The transaction is expected to close.
- Sale interest
- 49.9 per cent of the holding company
- Holding company stake
- 15 per cent of LNG Canada
- Globe and Mail deal value
- About US$1.6-billion
- Bloomberg deal value
- $3.1-billion
- Current offtake
- 2.1 million metric tons of LNG per year
- Expansion capacity
- 28 million tons per year after Phase 2 is complete
4 sources
Blackstone-led group buys into Mitsubishi subsidiary that holds LNG Canada stake
Blackstone, Canadian pension funds invest $3.1-billion for minority interest in Mitsubishi’s LNG Canada stake
Blackstone Leads $3.1 Billion Deal to Acquire LNG Canada Stake