Blackstone, USA News (New York): Blackstone announced on November 2, 2026, that funds managed by Blackstone Credit & Insurance, in partnership with a group of Canadian institutional investors, have agreed to invest $3.1 billion to acquire a 49.9% non-controlling interest in a Mitsubishi Corporation subsidiary that holds the Japanese company’s interest in the LNG Canada liquefaction business.
The Blackstone-led investor group includes the Canada Pension Plan Investment Board (CPP Investments) through wholly owned subsidiaries of CPPIB Credit Investments Inc., the Ontario Municipal Employees Retirement System (OMERS), the Investment Management Corporation of Ontario (IMCO), and The Public Sector Pension Investment Board (PSP Investments). Mitsubishi Corporation, described by Blackstone as one of Japan’s largest LNG suppliers, will remain the controlling partner and retain its full share of LNG offtake.
Mitsubishi Corporation announced the transaction the same day, describing it as the sale of a 49.9% interest in its liquefaction infrastructure holding company for the LNG Canada project in British Columbia. Blackstone’s announcement states that the investor group agreed to invest $3.1 billion; Mitsubishi Corporation’s release notes that the transaction is valued at approximately US$1.6 billion, or approximately ¥250 billion. RBC Capital Markets served as Mitsubishi Corporation’s exclusive financial advisor on the transaction.
Executive Statements and Strategic Context
Rick Campbell, Senior Managing Director at Blackstone Credit & Insurance, stated that the firm is proud to join Mitsubishi Corporation as a financial partner to support one of Canada’s most significant energy projects to help meet rising global energy demands. Zachary Rubenstein, Managing Director at Blackstone Credit & Insurance, added that the announcement builds on the firm’s conviction in Canada and its partnership with leading institutional investors.
Geoff Souter, Managing Director and Head of Real Assets Credit at CPP Investments, described LNG Canada as a high-quality, globally strategic asset with strong long-term fundamentals and attractive return potential for the CPP Fund. Blackstone noted that its Infrastructure and Asset Based Credit platform manages $140 billion with more than 100 investment professionals. Over the past two years, the firm has undertaken large-scale corporate solutions investments in Canada and global energy infrastructure, including investments in Rogers, Aeroplan, Kuwait Oil Company, Sempra Infrastructure Partners, Williams, and EQT.
Transaction Advisors and Project Expansion
Goldman Sachs served as lead structuring agent and financial advisor to Blackstone, Scotiabank served as financial advisor, and Kirkland & Ellis alongside Stikeman Elliott acted as legal counsel. Blackstone described LNG Canada as Canada’s first and only large-scale LNG export terminal, noting that the Phase 2 expansion will double production capacity to 28 million tonnes per annum upon completion.
Mitsubishi Corporation previously announced the final investment decision for the expansion project on September 29, 2026, with the first shipment of LNG taking place on July 1, 2025. Each project partner independently procures feed gas, transports it via a 670-kilometer pipeline, and offtakes LNG in proportion to its ownership interest. The holding company holds a 15% interest in LNG Canada and currently offtakes 2.1 million tonnes per annum, which is expected to double to 4.2 million tonnes per annum following expansion. The gas is marketed to customers in Asia, primarily Japan, through Diamond Global Energy Pte. Ltd.
