A Blackstone Credit & Insurance-led group, including CPP Investments, OMERS, IMCO and PSP Investments, has agreed to acquire a 49.9% non-controlling stake in the Mitsubishi subsidiary that holds Mitsubishi’s LNG Canada interest. Blackstone (NYSE: BX), the alternative asset manager, runs the credit arm leading the group. US markets open later today.
Blackstone shares last closed on Friday at $118.51, down 1.733% from $120.60, in a range of $117.65 to $120.525. Friday’s session came before the announcement.
The buyers are led by Blackstone Credit & Insurance and include four Canadian pension and investment funds: CPP Investments, OMERS, IMCO and PSP Investments. Mitsubishi Corporation (TYO: 8058), the Tokyo-listed trading house, stays the controlling partner and retains its share of the LNG offtake, meaning the volumes it has the right to buy.
The subsidiary holds Mitsubishi’s 15% of the Shell-led LNG Canada export project in British Columbia, which began production in June 2025. Phase 2, which reached a final investment decision (the formal go-ahead to build) in September 2026, will double capacity to 28 million tonnes a year. Offtake of 2.1 million tonnes a year is expected to double to 4.2 million.
Mitsubishi said in its statement it would use Blackstone’s financial resources to help advance the expansion while improving the capital efficiency of its investment. Rick Campbell, Senior Managing Director at Blackstone Credit & Insurance, said:
“We are proud to join Mitsubishi Corporation, a global leader with more than 50 years of experience across the LNG value chain, as a financial partner to support one of Canada’s most significant energy projects.”
Rick Campbell, Senior Managing Director, Blackstone Credit & Insurance
Blackstone’s own release cites prior investments, including $7bn in Sempra Infrastructure Partners’ Port Arthur LNG Phase 2, and says its Infrastructure and Asset-Based Credit platform manages $140bn. Those figures are not part of this deal.
A Mitsubishi spokesperson said the deal is expected to close in November. No formal closing conditions have been published.